Although the general search interest of traders in Bitcoin (BTC) has been steadily declining, the flagship currency has been witnessing a much-anticipated high on October 13, as bulls battled to maintain February’s previous all-time highs.
Data from TradingView showed BTC/USD retreating from five-month highs to temporarily dip below $54,000 on Bitstamp.
After rebounding to about $55,000, the pair was turbulent on Wednesday, with no obvious direction seen in the immediate term.
Analysts, on the other hand, were unsurprised by the movements. $58,000 had been touted as difficult resistance that was unlikely to be broken all at once, while a "buy the dip" chance around $53,000 or below was also on many people's radar.
"This BTC drop does not bother me at all," trader and analyst Rekt Capital concluded.
Popular trader Pentoshi had a similar view, implying that the greater bottom that might come from the retreat could be Bitcoin's last before an attack on higher levels.
"Clear invalidation if 48k lost," he concluded in remarks on Twitter on Tuesday.
As previously noted, Bitcoin (BTC) has maintained a low profile while being within 15% of all-time highs.
In comparison to earlier in the year, Google Trends data reveals a relative lack of interest in Q4 Bitcoin highs.
While there are hints of greed, sentiment has not reached the extremes that have typically characterized local and global price peaks.
"Pleasantly surprised by the absence of enthusiasm as we reach $60K Bitcoin," said Charles Edwards, founder of asset management Capriole, this week.