Bitcoin Hovers Near $68,000 as “Bitcoin to Zero” Google Searches Hit Record High in US

Bitcoin is trading around $68,000 on Saturday, February 22, as a brutal sell-off that has erased more than 50% from the cryptocurrency’s October all-time high continues to rattle markets. In a telling sign of the prevailing sentiment, Google searches for the term “bitcoin zero” have surged to an all-time high in the United States this month, reflecting deepening anxiety among retail investors.

TL;DR

• Bitcoin is hovering around $68,000 after a dramatic slide from its October peak above $109,000
• Google searches for “bitcoin zero” hit a record score of 100 in the US during February
• The search spike echoes similar patterns seen during the 2021 and 2022 market bottoms
• Global interest in the same term actually peaked in August and has been declining since
• Tariff escalation and geopolitical tensions are driving US-specific fear

A Tale of Two Sentiments

The Google Trends data reveals a fascinating divergence between US and global investor psychology. While American search interest in “bitcoin zero” has reached an unprecedented 100 on Google’s relative interest scale this February, worldwide searches for the same term peaked back in August and have fallen to as low as 38 this month.

This gap suggests that the current wave of panic is more localized than universal. US-specific catalysts — including President Trump’s escalation of worldwide tariffs to 15% from 10%, rising tensions with Iran, and a broader risk-off rotation in domestic equities — have dominated the macro narrative in recent weeks.

Retail investors in the United States appear to be reacting to those headlines more acutely than holders in Asia or Europe, where bitcoin’s drawdown is being absorbed within a different news cycle and economic context.

Contrarian Signal or False Bottom?

Historically, similar spikes in US “bitcoin zero” searches in 2021 and 2022 coincided with local price bottoms, making the current surge a potential contrarian buy signal. When retail investors reach peak despair, it has often marked the point of maximum financial opportunity.

However, analysts caution against reading too much into a single indicator. Google Trends measures relative interest on a 0-to-100 scale, where 100 simply marks a term’s own peak within the selected time window — not raw search volume. With a significantly larger user base today compared to previous cycles, the data reflects elevated retail anxiety but doesn’t reliably guarantee a clean contrarian reversal.

“The divergence between US and global search interest is unusual,” noted one market strategist. “In previous drawdowns, fear was more evenly distributed. This time, the panic is concentrated in the US, which tells you it’s being driven by domestic policy shocks rather than crypto-specific fundamentals.”

Liquidations Mount as Leverage Gets Flushed

The price action over the weekend has been brutal for leveraged traders. Bitcoin slid from approximately $68,600 on Saturday, with derivatives data showing mounting pressure across futures markets. The Binance buying power ratio has hit cycle lows, and analysts estimate that $9.37 billion in short positions face liquidation on a 20% upside move.

The leverage flush has been particularly painful for large traders. Reports indicate that a single whale lost $61 million on HTX during the recent price dive, one of the largest individual liquidation events in recent months. Roughly $468 million in crypto futures liquidations have been recorded in the latest washout, with long positions bearing the brunt of the damage.

Broader Market Context

Bitcoin’s decline is part of a broader risk-off environment affecting multiple asset classes. The S&P 500 has also been under pressure, and gold has surged as investors seek traditional safe havens. The correlation between bitcoin and equities has strengthened in recent weeks, undermining the “digital gold” narrative that many bulls had embraced during the rally phase.

Ethereum has fared even worse, currently trading around $1,980 — down approximately 34% since the start of 2026 compared to bitcoin’s 24% decline. The ETH/BTC ratio continues to weaken, reflecting a flight to relative safety within the crypto ecosystem itself.

K33 Research analyst Vetle Lunde has drawn parallels between the current market phase and the late 2022 bear market bottom, suggesting that long-term investors may view current levels as an accumulation zone despite the acute short-term pain.

Why This Matters

The record spike in “bitcoin to zero” searches represents more than a curiosity — it’s a window into the psychological state of the market. For investors, the key question is whether the US-specific nature of this fear wave suggests an overreaction to domestic policy shocks that will eventually subside.

Historically, the most generational buying opportunities in bitcoin have come during periods of maximum despair. The current environment, characterized by extreme fear readings, massive leverage flushes, and capitulation-style search behavior, shares many hallmarks of previous cycle lows.

However, the macro backdrop is genuinely challenging. Tariff escalation, geopolitical risk, and a potential shift in Federal Reserve policy all represent real headwinds that could extend the drawdown. Investors should distinguish between market sentiment — which is notoriously fickle — and fundamental catalysts that drive sustained price movements.

For those with a multi-year time horizon, the current $65,000-$68,000 range may represent attractive entry points. For traders, the elevated volatility and ongoing liquidation cascades suggest that position sizing and risk management remain paramount.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.