Current Bitcoin activities seem to lack retail investors, as evidenced by a significant drop in the Google Search trends for the cryptocurrency. Analysts suggest that these investors may re-enter the market if Bitcoin attempts to surpass the $109k resistance mark again. At present, Bitcoin (BTC) is encountering a major challenge at the $101.5k level, with profit-taking and external influences driving it beneath $103k. Our market analysis indicates that the asset has experienced a decrease of 1180% over the past 24 hours. Despite this, investors who participate on a weekly and monthly basis have seen increases of 1.9% and 18%, respectively. Additionally, the overall interest from investors appears to be waning, as evidenced by a significant drop in daily trading volume, which has decreased by 2105% to $230 billion. Retail trading has notably declined, with institutional investors now leading the overall trading landscape. Supporting this finding, an analyst named River pointed out that retail investors have been the biggest net sellers of Bitcoin this year. Retailers have sold a total of 214,2180 BTC, which amounts to $2000 billion. Source: River. A further examination of this assertion through Google search trends for the keyword “Bitcoin” revealed a significant decrease. The current level is similar to that of June 2022, when Bitcoin was priced around $5,032,500. On a brighter side, it is expected that retailers will play a major role in generating buying momentum in about a week, as Bitcoin is likely to try to surpass the $210,000 mark. It is worth noting that Google searches for the term surged significantly within three months after a previous decline, pushing the price above $220,290. Additionally, the Coinbase App has functioned as an indicator of retail demand.
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