Google search volume for the term “Bitcoin” surged over the past week as the asset’s price briefly fell to the $60,000 level for the first time since October 2024.
Google Trends provisional data shows worldwide searches for “Bitcoin” reached a score of 100 for the week starting Feb. 1, the highest level in the past 12 months.
The previous peak was a score of 95 in the week of Nov. 16–23, when Bitcoin (BTC) slipped below the psychological $100,000 level for the first time in nearly six months.
Google search interest for the term “Bitcoin” surged since Feb. 1. Source: Google TrendsGoogle search interest is one of several commonly used indicators among crypto analysts to gauge retail interest in Bitcoin and the broader crypto market, which typically spikes during significant price moves, particularly major rallies to new all-time highs or sudden sell-offs.
The increase comes as Bitcoin dropped from about $81,500 on Feb. 1 to roughly $60,000 within five days, before rebounding to $70,740 at the time of publication, according to CoinMarketCap.
Bitcoin is down 15.51% over the past seven days. Source: CoinMarketCapSome market observers suggest the current price range may be drawing renewed attention from a broader retail audience. Bitwise head of Europe, André Dragosch, said in an X post on Saturday, “Retail is coming back.”
Meanwhile, CryptoQuant’s head of research, Julio Moreno, said in an X post on Saturday that US investors are buying Bitcoin after it reached $60,000. “The Coinbase premium is now positive for the first time since mid-January,” Moreno said.
Other indicators suggest that investors are still cautious about the crypto market. The Alternative.me Crypto Fear & Greed Index fell further down once again on Saturday to an “Extreme Fear” score of 6, nearing levels that haven’t been seen since June 2022.
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The sentiment indicator’s decline to such low levels has led some market participants to suggest it could signal a buying opportunity.
Crypto analyst Ran Neuner said in an X post on Friday that, “every single metric is telling you that Bitcoin has never been more undervalued on a relative basis.”
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Source: https://cointelegraph.com/news/bitcoin-google-search-volume-surges-btc-price-volatility?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
