Bitcoin is again getting attention in the press. It's had a good run this first week of October. However, there's a notable divergence between search interest and price action. For all the hype, people aren't rushing to find out more. It appears that the price action isn't due to new people getting in.
Once again, we're looking at large price swings on low trading volumes. The most likely drivers of the price action is therefore the whales. If they are unable to draw in new money on this latest churn, prices are likely to crater once the pump becomes a dump. That which goes up on nothing but hot air must come down.
Gold, on the other hand, is receiving a steady stream of search interest, yet it's stubbornly stuck in its wedge formation. However, that may soon change, and then it will be up and away for gold while Bitcoin gets stuck in the downward trend that has been emerging since April, when search interest for Bitcoin was at its highest since 2017.
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| Hot air balloon |
By Kropsoq - photo taken by Kropsoq, CC BY-SA 3.0, Link
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