Bitcoin's relationship with its Google (NASDAQ:GOOGL) Trends score has historically been a significant factor in its price oscillations. However, recent data shows a divergence, with the cryptocurrency's search frequency hitting a new low on Wednesday, resembling levels last seen in 2020. The current week's score stands at a mere 14, despite Bitcoin trading within a bracket of $24,700 to $31,800 since March 2023.
This is not the first instance of such a deviation. In 2020, Bitcoin entered an uptrend while Google scores remained low, sparking a bull market that lasted until March 2021. Another significant discrepancy was observed when Bitcoin reached its all-time high (ATH) of $69,000 in November 2021, with Google Trends showing a score of just 36.
Over the past two years, Bitcoin's value has seen significant fluctuations. After reaching its ATH in November 2021, it dropped to a low of $15,400 in November 2022. Despite this volatility and the recent decrease in Google Trends scores, the cryptocurrency has managed to rise from its low level and maintain a relatively stable trading range since March this year.
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