Bitcoin interest reaches a five-year peak in the United States despite a downturn in market prices.

Interest in Bitcoin searches within the United States is finally rising back toward the peaks observed in 2021.

This increase occurs while Bitcoin is trading in the mid-$60,000s, following a high of over $126,000 in October 2025.

This combination of rising attention amid declining prices is an unusual phenomenon in the cryptocurrency space; the public is returning to the market as it seems to be retreating, and the disparity between these two trends is particularly noteworthy.

Retail interest has historically trailed behind institutional interest in Bitcoin during this cycle, and Google searches have not yet reached the levels seen in 2021.

US searches for Bitcoin (Source: Google Trends)

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On October 6, 2025, Bitcoin reached its all-time high, recalibrating everyone’s internal metrics for risk and reward in a single trading day.

As of today, February 23, 2026, those metrics have shifted, with Bitcoin declining toward $64,000 amid tariff uncertainties.

This represents a decrease of approximately 50% from the October peak, which alters behavior, modifies the sentiment surrounding each dip, changes the language of every rally, and tends to attract the same two groups simultaneously: investors seeking entry points and incumbents looking to exit.

Search data occupies a central role in this dynamic; it is neither price nor volume, but rather a measure of attention, the kind that manifests before purchases, after sales, and during the tense moments when individuals attempt to interpret recent events.

The resurgence of Bitcoin searches in the US to levels not seen since 2021 coincides with a global upward trend, although it still lags behind the peaks of 2024.

Worldwide Bitcoin searches since 2021 (Source: Google Trends)

This gap is less about a cultural divide between the US and the rest of the world, and more about mapping where narrative momentum is building and which channels it can access first.

Google Trends also includes a cautionary note in its calculations; each chart measures interest on a scale from 0 to 100 within the selected region and timeframe, meaning the most accurate claims are relative. The US data is closer to its previous peak than the global data is to its own.

Bitcoin search interest since launch, showing relative search intent (Source: Google Trends)

This raises a practical question: what type of attention is returning, and what market does it relate to?

A surge in searches can indicate the arrival of new demand, but it can also signify stress testing, with holders verifying the rules, traders assessing exit strategies, and everyone monitoring the same price level with varying intentions.

The price drop into the low $60,000s occurred during a macroeconomic moment that felt risk-averse; gold prices increased, the dollar weakened, and Bitcoin fell amid tariff-related legal uncertainties. This cross-market interaction is significant as it influences how newcomers perceive Bitcoin in real time.

Attention as a volatility valve

Academic research has spent years attempting to formalize what traders often express with a shrug: attention alters the distribution of outcomes.

A 2019 university study modeled Bitcoin returns alongside Google Trends data for “Bitcoin” attention, linking shifts in attention to more volatile behavior, which aligns with the lived experiences of this market; the more individuals focus on the market, the more pressure flows through it.

This perspective helps distinguish between two narratives that can share the same chart.

In one narrative, increasing searches represent the initial phase of a new buying wave, and the market absorbs this demand over time, with patience, forming a base while the public reacquaints itself with the price.

In the other narrative, rising searches are a reaction; the public is interpreting the market after a shock, and the subsequent flow is defensive, with hedges being purchased, exits being tested, and the market remaining volatile even when prices stabilize.

Currently, the indicators are mixed; attention is warming up, while certain aspects of institutional involvement appear heavy.

The clearest daily insight into that involvement is through US spot Bitcoin ETF flows, which have shown significant red prints in February. This distribution pattern helps maintain the integrity of rallies and makes retail interest more impactful, as fewer buyers are contributing more effort.

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The market’s map, demand below, supply above

Glassnode’s weekly report from February 11 provides a valuable framework for future analysis, outlining a range that traders can reference without turning the discussion into speculative theater.

This framework indicates that Bitcoin is defending a demand corridor between $60,000 and $72,000, with a realized price around $55,000 serving as a deeper support level if that corridor fails.

On the upside, Glassnode identifies supply zones between $82,000 and $97,000, as well as $100,000 to $117,000, areas where previous buyers often turn into sellers, and where relief rallies frequently slow down as negotiations occur.

It also describes a hedging stance that aligns with the sentiment of this drawdown, with front-end implied volatility increasing by about 20 volatility points, and skewness favoring puts, accompanied by a significant put premium in the one-month and three-month timeframes.

This type of options landscape typically arises when investors are willing to pay more for protection, which keeps the spot market reactive, as every sharp movement generates hedging flows that follow like a wake.

Market forecasts add another layer of range-setting. Standard Chartered has revised its end-of-2026 forecast down to $100,000 from $150,000, discussing a potential path that includes a dip toward $50,000 before a recovery.

Forecasts carry narrative weight that influences how risk committees communicate and how retail interprets a downturn, as a $50,000 target can attract limit orders, headlines, and fear.

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Three scenarios for what this search rebound can mean

1. Attention converts into steady bid. The components here are observable: ETF flows transition from sporadic green days to a series of consistent inflows, prices remain within Glassnode’s $60,000 to $72,000 corridor, and the options market stabilizes as hedges unwind. In this scenario, the first significant test occurs in the $82,000 to $97,000 supply zone, where a base may either evolve into a trend or stall into another range.
2. The search spike reads as stress testing. Attention increases, ETF flows remain substantial, implied volatility stays high, and the market continues to pay for downside protection. In this setup, the $60,000 to $72,000 corridor acts as a psychological floor, with the realized price near $55,000 becoming the next critical level that traders monitor for signs of capitulation. Standard Chartered’s $50,000 discussion serves as a narrative anchor, a figure that could transform a gradual decline into a rapid sell-off if it appears attainable.
3. US attention stays hot, worldwide attention stays cooler. This scenario depicts a regionally driven market, with US-centric headlines and dynamics, resulting in a market that behaves more like a macroeconomic instrument than a story of adoption. The Guardian’s framing of tariff-related events aligns with this context, where Bitcoin declines alongside risk assets, gold rises, the dollar weakens, and the cryptocurrency narrative follows the same macroeconomic timeline that influences all other charts. When inflation remains persistent, markets interpret every policy headline through the lens of interest rates, and cryptocurrencies inherit this sensitivity through liquidity and discount rate expectations.

In all three scenarios, the common theme is participation; search interest serves as a proxy for the number of individuals re-entering the market.

The unresolved question is conversion: how much of this attention translates into buying power, how much becomes hedging flow, and how much results in a more dynamic market that moves rapidly in both directions?

Research indicates that attention itself can amplify volatility, suggesting that the next phase may arrive with sharper fluctuations, even if the ultimate destination remains uncertain.

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