Bitcoin Reclaims $64K, But Retail Investors Stay Sidelined
- Crypto markets shake off the October slump.
- Bitcoin spikes higher in the early hours of Monday.
- Google searches for Bitcoin continue trending lower.
Bitcoin’s rocky start to October, sparked by rising Middle East tensions, quickly shattered hopes for a strong “Uptober.” Yet, in the early hours of Monday (BST), Bitcoin surged back, touching $64,500 and reigniting bullish sentiment among investors.
Sponsored
Despite the renewed optimism, retail investors remain conspicuously absent. Google search trends show little sign of retail participation, suggesting that many are still hesitant to join the rally just yet.
Bitcoin Searches Down
As Bitcoin prepares to retest key resistance levels, retail investors remain notably absent. Google Trends data revealed that worldwide searches for “Bitcoin” in October sank to a rating of 17, marking a one-year low.
Bitcoin searches on GoogleBack in March, when Bitcoin hit a new all-time high of $74,000, search volume reached 41, but has been steadily declining ever since.
Historically, higher retail search volumes have coincided with Bitcoin price peaks, like the 2017 bull run, where Bitcoin first topped $20,000 and search interest hit a Google Trend score of 100.
Global economic concerns, including the cost of living and geopolitical tensions, are likely diverting retail attention and resources away from crypto markets.
Conversely, Ieva Trinkūnaitė, head of digital solutions firm iSun AG, believes that FOMO plays a key role in why Bitcoin has been a less attractive option.
“The continued accumulation of Bitcoin by institutional investors and whales over the past six months, as shown by on-chain analysis and ETF inflows, suggests that Bitcoin has become largely institutionalized. While smart money is methodically accumulating Bitcoin, retail investors seem to be chasing the next “lottery ticket” in the form of meme coins, expecting 100x returns.
Once smart money has accumulated their long positions, Bitcoin’s price will trend upward once again, and will eventually trigger retail FOMO,” stated Trinkūnaitė.
Influencer Alex Becker recently stated that the broader public is still largely disconnected from the crypto world. He predicted normie retail interest wouldn’t fully return until Bitcoin approaches the $90k mark.
BTC Caught in Resistance
While Becker remains confident that Bitcoin can surpass its all-time high soon, current price action shows the cryptocurrency still struggling to break above the $64,500 mark. This zone, established in October 2021, has consistently acted as both support and resistance over the past three years.
BTCUSD daily chart on Trading ViewEarlier this month, Bitcoin was rejected at this level on October 7, sparking a downtrend that saw it bottom out at $58,900 by October 10. Monday’s price action briefly pushed above $64,500, peaking at $64,800 before dipping below.
A daily close above this key level would set the stage for Bitcoin to target the next resistance zone at $66,600, potentially signaling stronger bullish momentum ahead.
On the Flipside
- Crypto is highly volatile.
- Middle Eastern tensions continue to bubble .
- Google searches for “memecoins” are projected to hit 100 in October.
Why This Matters
Bitcoin’s lonely ascent to $64K signals a shift in market dynamics that challenges traditional bull run patterns.
Fears of a Mt. Gox-led Bitcoin sell-off get deferred.
Mt. Gox Hits Pause on $2.8B Bitcoin – Payout Delayed to 2025
Justin Sun promotes liberalism under his new Liberland PM role.
Justin Sun Envisions Liberland as New “Beacon of Freedom”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Senate Republicans pick pro-crypto John Thune as their next leader
Share link:In this post: Senate Republicans chose pro-crypto John Thune as their new leader, replacing Mitch McConnell after 18 years. Thune’s pro-free trade stance puts him at odds with Trump, especially on tariffs, which he warned could lead to inflation. Known for his support of crypto legislation, Thune co-sponsored the Digital Commodities Consumer Protection Act to bring clear regulation to the industry.
BlackRock expands BUIDL with cross-chain integration to spread investment opportunities
Share link:In this post: BlackRock announced the launch of its BUIDL across multiple blockchains on November 13. The tokenized BlackRock USD Institutional Digital Liquid Fund will expand to Aptos, Optimism, Avax, OxPolygon, and Arbitrum. BUIDL was first launched on Ethereum in March of this year, and this initiative represents an evolutionary step in tokenization.
Polymarket CEO Shayne Coplan had phone, electronics seized by the FBI
Share link:In this post: The FBI raided the home of Polymarket’s CEO Shayne Coplan, seizing a phone and electronics. The raid was considered a form of political messaging, despite Polymarket’s transparent nature and self-balancing market that cannot be manipulated. Polymarket continues to function, though with only a fraction of its open interest and daily users.
Liberland launches Space Program to drive technological innovation and global collaboration
Share link:In this post: The Free Republic of Liberland launches its space program. The country wants to pioneer technological advancement and global collaboration. The micronation is creating an open platform where nations and private entities can come together, work freely, and drive progress without the constraints of bureaucracy. The space program seeks to accelerate the development of decentralized, pro-freedom solutions in the space industry.