Bitcoin’s latest struggle is no longer about reclaiming highs, but about surviving a widespread collapse in market confidence.

Months after peaking near $126,000 on Oct. 6, 2025, the asset has yet to regain control of the $70,000 level, a price zone that previously acted as support but now stands as persistent overhead resistance. 

At press time, BTC was hovering around $65,700, leaving it almost 50% below its all time high and firmly locked in a narrow $65,000 to $68,000 corridor.

The prolonged consolidation has coincided with a clear retreat in retail enthusiasm.

The speculative fervour that defined late 2025 has given way to fatigue, with price action drifting sideways and failing to spark sustained upside follow-through.

According to Google Trends data covering the past five years, searches for “Bitcoin going to zero” have climbed to their highest levels since November 2022, when the collapse of FTX sent BTC toward $15,000.

See below.

Source: Google Trends.

The renewed spike in that phrase underscores how quickly public narrative can swing from optimism to doubt during extended drawdowns.

The Crypto Fear and Greed Index has dropped into the single digits, marking extreme fear levels previously seen during systemic shocks such as the Terra collapse and the FTX fallout. 

Rather than a brief volatility event, current readings suggest sustained risk aversion among participants who had entered positions closer to $70,000 and are now sitting on losses.

Price weakness cannot be explained by technical structure alone. A broader macro backdrop continues to weigh on risk assets. 

Sticky inflation and a higher for longer interest rate stance in the US have supported dollar strength, tightening global liquidity conditions. 

At the same time, renewed geopolitical strains and rising trade tariff rhetoric have pushed investors toward defensive positioning. 

Under those circumstances, Bitcoin has traded more in line with high-growth equities than as a store of value alternative, challenging the digital gold thesis that gained traction earlier in the cycle.

Institutional flows show similar caution.

US-listed spot Bitcoin ETFs have recorded persistent redemptions, extending what could become the first five-week outflow streak since last March if late week sessions fail to reverse course. 

On Wednesday alone, spot ETFs posted $133.3 million in net outflows, bringing weekly losses to $238 million, according to SoSoValue.

BlackRock’s iShares Bitcoin Trust led the declines, with more than $84 million exiting the fund.

Trading volumes have also remained muted, holding below $3 billion, even as some analysts previously flagged a potential inflexion in outflow momentum.

Since the start of the year, ETFs have seen roughly $2.5 billion leave the sector, leaving total assets under management at $83.6 billion. 

Total Bitcoin spot ETF net inflow since October 2025. Source: SoSoValue.

The steady withdrawal of capital signals that institutional allocators are waiting for clearer macro or policy signals before rebuilding exposure.

Analysts are now closely watching the $60,000 to $65,000 region.

Market participants widely view that band as the key structural support underpinning the current range. 

A sustained break below $60,000 could accelerate downside toward the $50,000 area, where liquidity pockets are thinner based on recent order book data. 

Conversely, bulls would need a decisive daily close above $72,000 to invalidate the prevailing bearish structure and signal that recent rallies were not simply exit liquidity for trapped longs.

Until either liquidity conditions ease or buyers reclaim higher technical ground, the market appears set to continue its cautious, wait-and-see stance.

The post Bitcoin ‘going to zero’ searches spike as BTC slips to $65K appeared first on Invezz

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