Bitcoin’s price movement in a narrow range has reduced the number of Google searches for the asset to its lowest level since late 2020.
In addition, bitcoin’s popular Fear and Greed Index settled into “fear” territory, despite BTC’s two-day recovery after falling below $40,000.
The day before yesterday there was a surge in crypto-kit activity online, but it seems that demand from retail investors has declined over the past few months, at least according to Google Trends.
The number of searches on the world’s largest search engine usually reflects the behavior of smaller investors, who tend to enter the scene during the most significant bullish spikes. Such was the case in late 2017, when BTC rose to its first ATH of about $20,000.
When the asset moved into a year-long bear market, the search wore off. Something similar happened during last year’s price rise, when BTC fell sharply in April and then peaked in November at $69,000.
As might be expected, in light of the current sluggish momentum, searches for bitcoin have fallen to a low last seen in December 2020.
The Bitcoin Fear and Greed Index assesses the overall sentiment in the cryptocurrency community by examining various factors such as price volatility, polls, BTC dominance, trading volume, social media interaction, etc.
The results of the calculations are displayed in a range from 0 to 100, where zero means “extreme fear” and 100 means “extreme greed.”
At the end of March, when BTC was approaching the $50,000 mark, it became extremely greedy for the first time since November. However, when BTC began to decline and fell below $40,000 in April, the index fell to extreme fear.
Today it shows just fear as bitcoin has managed to temporarily recover to the $42,000 level.