Google search volume for the term Bitcoin has significantly increased in the past week as its price fluctuated around the $60,000 mark for the first time since October 2024.

According to preliminary data from Google Trends, global searches for “Bitcoin” peaked at a score of 100 during the first week of February, marking the highest level in a year. Previously, the highest score was 95, noted during the week of November 16-23 when Bitcoin fell below the critical $100,000 threshold for the first time in nearly six months.

Google search interest for Bitcoin
Google search interest for the term “Bitcoin” surged since Feb. 1. Source: Google Trends

Google search interest is frequently utilized by crypto analysts as a metric to assess retail engagement in Bitcoin and the wider cryptocurrency market, usually spiking during significant price changes, especially during major rallies or sudden downturns.

This uptick in interest coincides with Bitcoin’s drop from approximately $81,500 on February 1 to around $60,000 within five days, with the price rebounding to $70,740 at the time of this report, according to CoinMarketCap.

Bitcoin price trend
Bitcoin is down 15.51% over the past seven days. Source: CoinMarketCap

Market analysts are suggesting that the current price range may be attracting renewed interest from retail investors. In an X post, Bitwise’s André Dragosch noted, “Retail is coming back.”

Additionally, Julio Moreno from CryptoQuant indicated that U.S. investors have started buying Bitcoin again after it reached $60,000, mentioning in an X post that, “The Coinbase premium is now positive for the first time since mid-January.”

Despite these indicators, the Alternative.me Crypto Fear & Greed Index has dropped to an “Extreme Fear” score of 6, reflecting investor caution—a level not observed since June 2022.

Analysts like Ran Neuner have remarked that current metrics indicate Bitcoin is more undervalued than ever on a relative basis, suggesting this might represent a buying opportunity.