The search volume for Bitcoin has experienced a remarkable spike recently, coinciding with a significant drop in its price to the $60,000 mark for the first time since October 2024. According to provisional data from Google Trends, searches for “Bitcoin” achieved a perfect score of 100 during the week starting February 1, marking the highest interest level in the past year.
This surge in search activity follows a period where Bitcoin declined from approximately $81,500 on February 1 to around $60,000 within just five days. As of the time of this report, the price has rebounded to about $70,740, according to CoinMarketCap, although the cryptocurrency is still down 15.51% over the past week.
Analysts often look at Google search interest as a key indicator of retail engagement in the cryptocurrency space. Typically, this interest spikes during significant price movements, such as sharp rallies or sudden declines. The current price fluctuations appear to be attracting renewed attention from retail investors, which could signal a shift in market sentiment.
Notably, André Dragosch, head of Europe at Bitwise, remarked in a post on social media that “Retail is coming back.” In a similar vein, Julio Moreno, the head of research at CryptoQuant, noted that U.S. investors have begun purchasing Bitcoin since its recent dip to $60,000, highlighting that “the Coinbase premium is now positive for the first time since mid-January.”
Despite the renewed retail interest, caution remains prevalent among investors. The Alternative.me Crypto Fear & Greed Index has fallen further into “Extreme Fear,” currently sitting at a score of 6, a level not seen since June 2022. This decline in the sentiment indicator has led some analysts to suggest that it may indicate a potential buying opportunity.
Crypto analyst Ran Neuner stated that “every single metric is telling you that Bitcoin has never been more undervalued on a relative basis.” As the market continues to face volatility, the interplay between search interest and investor sentiment will be critical to observe in the coming days.
