After claiming $14,100, Bitcoin has plunged after losing some value amid the US elections. But there are some positive indicators that are still showing a bullish scenario for the world’s top digital asset.
Last time, Bitcoin approached $14K in 2017, and after a recent climb to $14,000, it dropped by 6%. But in the past three years, it has clearly shown a weekly and monthly breakout above $13k for the first time. Bitcoin is standing above all moving averages, which shows it may start a new bull run.
Low Google Trends’ Activity
The retail investors were not very active in the recent rally as Google Trends’ data shows low activity. Low activity on the part of retail investors shows they are not really interested in the world’s primary cryptocurrency. When Bitcoin claimed its highest value of $20,000, the retail activity was at the peak position. As per the data shared by The Tie, Bitcoin tweet volume only surged by 7.8% in the month of October when the price was trading at the highest position.
The technical indicator, Mayer Multiple, unveils that the current bull run is not overheated as shown in 2017 when the price value reached $20,000. The rally becomes overheated when Multiple goes above 2.4, but currently, it is standing at 1.27 which shows the rally is not overcrowded yet.
HODLing of Bitcoin
Investors, who want to store Bitcoin for a long time, are surging in numbers since the beginning of the year. According to HODLE waves, the majority of the people are retaining BTC capital for longer periods of time. According to the data given by Unchained Capital, HODLers became more active after the price crash in mid-March. So, accumulation has been going on since then.
Besides increasing holding activity and strong technical indications bullish patterns, there are strong fundamental news, which may trigger a new and bigger rally for the world’s top digital asset.
However, over a daily timeframe, Bitcoin is presenting a negative picture as it has lost nearly 2.30% of its value in the previous 24-hours. But over the weekly timeframe, it is still up 4.58% and is trading at $13,482.