Bitcoin Price Spikes 10% in 2-Day Rally Despite Lacking Retail Investor Flurry
Over the past 48 hours, the bitcoin price has surged by more than ten percent against the U.S. dollar from $11,328 to $12,545 on regulated crypto exchanges like Coinbase Pro and Kraken.
Earlier this month, the bitcoin price dropped to as low as $9,700 in a relatively large pullback that was anticipated by traders for quite a while.
Prior to its near 30 percent pullback on July 2, the bitcoin price had increased by more than 250 percent year-to-date, leading investors to become more cautious on the near term trend of the asset.
Fast recovery but retail interest towards bitcoin remains low
Several analysts have expressed optimism towards the pace of the recovery of the dominant crypto asset in the past week which is likely have been primarily affected by the opening of the CME bitcoin futures market.
Despite the swift recovery of bitcoin from occasional pullbacks and its strong year-to-date gain, according to global macro analyst Peter Tchir, Google Trends has shown that search engine interest for BTC remains nowhere close to 2017 levels, unlike the asset’s price.
Tchir said that he remains unclear of the factors behind the lack of growth in retail interest towards bitcoin. But, the analyst noted that if the bitcoin price is sustained at its current level, investors are likely to begin “dabbling” with the market once again.