.png){kind=logo}
Google search activity for “Bitcoin” jumped to its highest level in 12 months as BTC volatility returned and the price moved sharply between $60,000 and $70,000. The spike in search interest arrived as traders tracked heavy liquidations in leveraged markets and watched sentiment gauges fall to multi-year lows.
Google Trends provisional data showed worldwide searches for “Bitcoin” reached a score of 100 for the week starting Feb. 1. That reading marked the strongest interest in the past year and followed a fast price drop that drew attention from a wider audience.
Bitcoin fell from about $81,500 on Feb. 1 to roughly $60,000 within five days. The asset then rebounded toward $70,740 after a weekly decline of 15.51%, according to CoinMarketCap data.
Search interest often rises when Bitcoin posts large moves, including steep sell-offs and quick recoveries. Market watchers use this metric as one sign of retail attention, along with exchange flows and spot market premiums.
Bitwise’s head of Europe, André Dragosch, said the renewed search interest suggests retail participation may increase again. The comment followed the sharp move to $60,000 and the rebound that kept Bitcoin near the $70,000 price level.
CryptoQuant’s head of research, Julio Moreno, pointed to another signal from the US market. He said US investors bought Bitcoin after it reached $60,000, while the Coinbase premium turned positive for the first time since mid-January. Traders often track the Coinbase premium as a spot demand indicator because it compares Coinbase prices to other major venues.
Other measures continued to show caution. The Crypto Fear & Greed Index dropped to an “Extreme Fear” reading of 6 on Saturday. That level moved close to values last seen in June 2022 and reflected stress across risk assets after the rapid decline.
Also Read: Bitcoin Holds Key Neckline as Dominance Signals Altseason Shift: Incoming Bullish Move?
Derivatives data suggested that traders were still positioned for more turbulence. Bitcoin recovered from a $60,150 low and gained about 17%, yet indicators showed limited demand for bullish leverage near $70,000. Over five days, liquidations of leveraged bullish futures contracts reached about $1.8 billion, according to CoinGlass data referenced in market reports.
Futures positioning looked steady in contract terms but weaker in dollar terms due to the price drop. Aggregate futures open interest totaled about 527,850 BTC on major exchanges on Friday, which stayed near the prior week’s level. The notional value fell to roughly $35.8 billion from $44.3 billion, which matched the size of the weekly price decline.
Pricing in futures and options also reflected risk-off behavior. The two-month Bitcoin futures annualized premium fell to around 2% on Friday, well below the 5% to 10% range often seen in more neutral markets.
In options, the two-month put-call skew reached 20%, a level that market participants often associate with hedging demand and panic protection. The same reports noted that traders continued to discuss the risk of further forced unwinds after the recent liquidation wave.
