Google search volume for the term “Bitcoin” surged last week because the asset’s price briefly fell to $60,000 for the primary time since October 2024.
Preliminary data from Google Trends shows that global searches for “bitcoin” reached 100 within the week starting February 1, the very best up to now 12 months.
The previous high was 95 in the course of the week of November 16-23, when Bitcoin (BTC) fell below the psychological $100,000 mark for the primary time in almost six months.
Google search interest for the term “Bitcoin” has risen sharply since February 1st. Source: Google Trends
Google search interest is one among several commonly used indicators amongst crypto analysts to measure retail interest in Bitcoin and the broader crypto market, which usually surges during significant price movements, particularly large rallies to latest all-time highs or sudden sell-offs.
The increase comes as Bitcoin fell from about $81,500 on Feb. 1 to about $60,000 in five days, before rising back to $70,740 on the time of publication, in line with CoinMarketCap.
Bitcoin is down 15.51% within the last seven days. Source: CoinMarketCap
Some market observers suspect that the present price range could attract renewed attention from a broader retail audience. Bitwise Europe boss André Dragosch said in an X-Post on Saturday: “Retail is coming back.”
Meanwhile, Julio Moreno, head of research at CryptoQuant, said in an X post on Saturday that US investors are buying Bitcoin after it hits $60,000. “The Coinbase premium is now positive for the primary time since mid-January,” Moreno said.
Other indicators suggest that investors remain cautious concerning the crypto market. The Alternative.me Crypto Fear & Greed Index fell further again on Saturday to an “Extreme Fear” value of 6, approaching a level not seen since June 2022.
The sentiment indicator's drop to such low levels has led some market participants to consider it could signal a buying opportunity.
Crypto analyst Ran Neuner said in an X post on Friday: “Every single metric shows that, relatively speaking, Bitcoin has never been so undervalued.”
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