The short-term drop in Bitcoin price to 60 thousand dollars had a strong impact not only in the markets but also in internet searches. According to Google Trends data, searches for the word “Bitcoin” have increased sharply in the last week and reached the peak of the last 12 months. This interest, which generally rises with sharp price movements in the cryptocurrency markets, indicates that investor psychology is being reshaped.
Price Drop Explodes Search Volume
Data from Google Trends shows that the search score for “Bitcoin” reached 100 in the week starting February 1. This level stands out as the highest value of the last year. The previous peak was recorded in November 2024, when Bitcoin fell below the psychological level of 100 thousand dollars for the first time. That week, the search score remained at 95.
This latest increase occurred simultaneously with Bitcoin falling from approximately $81,500 on February 1 to $60,000 in five days. According to CoinMarketCap data, the price later recovered and rose to $70,740 levels. According to analysts, this sharp withdrawal may have attracted the renewed attention of individual investors who have been away from the market for a long time.
Bitwise Europe Research Head André Dragosch, in his post on social media, stated that “Individual investors are coming back” and argued that this interest is not a coincidence. Similarly, CryptoQuant Research Director Julio Moreno stated that US investors started buying Bitcoin at 60 thousand dollars and the Coinbase premium turned positive for the first time since mid-January.
Fear Index Hits Bottom: Opportunity or Trap?
On the other hand, not all indicators are equally optimistic. Crypto Fear & Greed Index dropped to 6 points as of the weekend, landing in the “Extreme Fear” zone. This level is reminiscent of market stress last seen in June 2022. Low index values reveal that investors are still cautious and risk averse.
Some market players consider this chart as a buying opportunity. According to crypto analyst Ran Neuner, current data shows that Bitcoin is relatively in one of the lowest periods of appreciation in its history. A similar discussion recently occurred on the Ethereum front. The fact that the price remained under pressure despite the expectations for Ethereum spot ETFs revealed that investors were becoming more sensitive to macroeconomic uncertainties. This shows that cautious optimism prevails not only in Bitcoin but in the entire crypto market.
