The post ‘Buy Bitcoin (BTC)’ Searches Soar Amid the Recent Crypto Market Crash: Details appeared on BitcoinEthereumNews.com.

TL;DR Bitcoin’s price briefly dropped below $54,000, triggering a market-wide correction, but increased interest in buying BTC suggests some view this as a “buy the dip” opportunity. Metrics like the Relative Strength Index (RSI) and the Fear and Greed Index indicate the asset is oversold and in fear territory, which might be interpreted as a potential signal for a rebound. A Buying Opportunity? Bitcoin (BTC) saw its price plunge by over 5% on July 5, sinking below the $54,000 level for the first time in five months. Its downtrend coincides with an overall market correction, which affected leading altcoins such as Ethereum (ETH), Ripple (XRP), Solana (SOL), and many more. While some critics, including the American stockbroker Peter Schiff, predicted that the market would continue to tumble in the near future, others seemingly see the negative conditions as a potential buying opportunity. As observed on Google Trends, searches with the phase “buy Bitcoin” have spiked to their highest level in a month. The residents of Nigeria, Cameroon, Singapore, the United Arab Emirates, South Africa, and Australia are among the most intrigued ones. Americans were placed in the 12th spot, while those residing in European countries like Sweden, Switzerland, the United Kingdom, and Ireland trailed behind.  Similar searches like “buy the dip crypto” were quite popular at the start of May when Bitcoin’s price fell under $57,000. Recall that approximately a month after that, the primary cryptocurrency reclaimed the $70K level and even soared above $71,000. What Signals About a BTC Rally in the Short Term? Two important metrics suggest that Bitcoin’s crash may soon be replaced by another resurgence. One of them is the Relative Strength Index (RSI), which shows whether the asset is oversold or undersold. It varies from 0 to 100; a ratio above 70 indicates a possible…

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Filed under: News - @ July 6, 2024 4:06 am