Bitcoin Search Interest Hits Yearly High Amid $60K Dip

• The head of research of CryptoQuant, Julio Moreno, mentioned in his post that the US investors are purchasing Bitcoin after it attained $60,000.
• The Crypto Fear and Greed Index also slipped down once again on February 7, going to an extreme fear zone and standing at a score of 6. 

The Google search volume for the word “Bitcoin” has intensely increased in the last week as the price of the asset concisely slipped to the $60,000 level for the first time witnessed after October 2024. 

The provisional data from Google Trends reveals that the worldwide searches for Bitcoin attained a score of about 100 for the week which started on February 1, the largest level in the last year. 

The last peak score attained was 95 in the week starting from November 16 and extending to November 23, when Bitcoin (BTC) fell below the $100,000 level for the first time in around six months. 

The Google search is among various commonly used indicators by crypto analysts to measure retail interest in Bitcoin and the wider crypto market, which normally hikes at the time of prominent price movements, mainly significant rallies to new all-time highs or sudden sell-offs. 

Investors Are Still Purchasing 

The surge is attributed to the fall of Bitcoin from around $81,500 to about $60,000 in just five days, before reaching back to $67k at the time of writing. Some analysts say that the recent price range may be attracting renewed attention from a wider retail audience. 

The head of Europe of Bitwise, Andre Dragosch, mentioned in an X post on Saturday that retail is coming back. At the same time, the head of research of CryptoQuant, Julio Moreno, mentioned in his post that the US investors are purchasing Bitcoin after it attained $60,000. 

He further added that the Coinbase premium is now positive for the first time after mid-January. Other indicators indicate that investors are still careful regarding the crypto market. 

The Crypto Fear and Greed Index also slipped down once again on February 7, going to an extreme fear zone and standing at a score of 6, nearing levels that have not been witnessed since June 2022. 

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