Bitcoin hits $60,000 as Google searches surge, is the return of retail investors a boon or a bane?
Bitcoin hits $60,000 as Google searches surge, is the return of retail investors a boon or a bane?
Bitcoin (BTC) has experienced extreme volatility, plunging to the $60,000 level, which has driven Google search interest in Bitcoin to its highest level in a year.
According to crypto-focused outlet Cointelegraph on February 7 (local time), when Bitcoin’s price fell to around $60,000 for the first time since October 2024, its Google Trends search index reached the maximum value of 100. This surpasses the score of 95 recorded in mid-November last year when Bitcoin dropped below $100,000, indicating the strongest surge in public interest over the past year.
Bitcoin’s price plunged from about $81,500 on February 1 to near $60,000 in just five days, before rebounding to around $70,740. This sharp price movement has become a catalyst drawing retail traders, who had previously remained on the sidelines, back into the market. Andre Dragosch, Head of European Research at Bitwise, commented on X (formerly Twitter) that “retail investors are coming back.”
Indicators reflecting institutional investor activity are also showing positive signs. Ki Young Ju, CEO of CryptoQuant, stated that “U.S. investors have started buying since Bitcoin hit $60,000,” adding that “the Coinbase premium has turned positive for the first time since mid-January.” This suggests that institutional and retail capital in the United States is flowing in to buy the dip during the downturn.
Meanwhile, caution and fear still coexist across the broader market. The Crypto Fear and Greed Index has fallen to 6, its lowest level since June 2022, signaling extreme fear. However, some experts view this extreme pessimism as a buying opportunity. Cryptocurrency analyst Ran Neuner emphasized that Bitcoin is more undervalued on a relative basis than ever, urging investors to pay close attention.
As Bitcoin recovers the $70,000 level following a sharp short-term decline and continues a relief rally, the surge in Google search volume suggests that a market inflection point may be approaching. With retail investor interest at a peak, a key question is whether Bitcoin can firmly establish $70,000 as support and resume an upward trend. Investors are closely watching buy signals that often emerge during periods of extreme fear, along with Google search trends, as they brace for future volatility.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on its content. The information provided should be interpreted solely for informational purposes.*
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