Key Points
- Google has moved Bitcoin’s price chart from its main search results to the Finance section.
- Bitcoin’s price surged past $64K, indicating a strong start to “Uptober”.
Google has made a change in how it displays Bitcoin’s price and chart.
Previously visible on its main search page results, the chart is now located in the Finance section.
This alteration impacts both desktop and mobile users and has elicited diverse responses from the community.
Google’s Intent Questioned
This seemingly minor shift has led to speculation about Google’s motives, with some individuals expressing opposition to the change.
Meanwhile, Bitcoin’s performance has been strong, suggesting the start of “Uptober”.
The cryptocurrency began the week robustly, breaking through the significant $64,000 mark and reaching a high of $64,500.
Bitcoin’s Market Performance
Although it had dipped slightly to $63,928 at the time of reporting, the bullish sentiment remained.
The increase in price led to a rise in market capitalization of over 1.63% in the past 24 hours, according to CoinMarketCap.
The recent price increase has reinvigorated the market, particularly as Bitcoin exchange reserves have reached their lowest level since late 2018, as reported by CryptoQuant.
This ongoing decline in Bitcoin reserves on exchanges since early 2024 suggests that investors are increasingly opting to hold their assets rather than sell, reinforcing the long-term bullish belief in the coin.
Derivative Data Analysis
An analysis of derivatives data from Coinglass by AMBCrypto revealed a higher number of short liquidations.
This suggests a short squeeze, where the rapid closure of short positions further propels prices upward as traders rush to cover their losses.
This trend could potentially drive further upward movement if the momentum is maintained, as more participants re-enter long positions, expecting continued gains.
Furthermore, Bitcoin’s trading volume surged by over 68% in the past day, indicating growing market participation.