On March 2, news reports indicate that as the cryptocurrency market remained sluggish in early 2026, related searches for “Bitcoin is dead” surged again on Google Trends. Previously, Bitcoin’s price fell about 50% from its peak of approximately $126,200 in 2025, triggering market pessimism. However, based on on-chain data, network activity, and institutional participation, the Bitcoin ecosystem still shows some resilience.
Currently, Bitcoin’s price mainly fluctuates between $62,000 and $70,000. Recently, the U.S. and Israel launched military strikes against Iran, significantly increasing geopolitical risks, but Bitcoin has not experienced a sharp crash. Market analysis suggests that this round of volatility is more influenced by macro liquidity tightening, leverage unwinding, and a general adjustment of risk assets rather than a deterioration of Bitcoin’s fundamentals.
Google Trends data shows that the keyword “Bitcoin is dead” has remained high since early 2026. Similar phenomena have occurred during previous bear market cycles. Analysts note that a 50% decline from the late 2025 peak is one of the more significant deep corrections since 2013, leading to a rapid cooling of market sentiment. Meanwhile, some investors worry that as Bitcoin increasingly becomes viewed as a macro asset, its traditional four-year cycle may undergo structural changes. Pessimists even believe Bitcoin’s price could fall to around $45,000.
Market sentiment indicators also reflect a tense atmosphere. The crypto fear and greed index recently dropped to 5, indicating extreme fear, which usually signals heightened risk aversion among investors.
However, institutional trading firm QCP Capital believes that Bitcoin’s range-bound movement amid geopolitical shocks still indicates market structural stability. Previously, escalation of U.S.-Iran tensions temporarily pushed Bitcoin below $63,000 but it quickly rebounded afterward.
The derivatives market has also experienced notable volatility. Data shows that Bitcoin’s 1-day implied volatility once surged to 93%, though the overall volatility structure remains stable. Options traders are preparing for a potential rebound in March, as historically Bitcoin rarely declines for six consecutive months; the last such cycle occurred between 2018 and 2019.
At press time, Bitcoin is trading at $65,954, down slightly over 1% in the past 24 hours, with trading volume dropping more than 8%. As U.S. President Trump hints at possible further escalation of military actions against Iran, and Iran refuses to negotiate, the market continues to closely monitor how Middle Eastern tensions will impact global risk assets and Bitcoin’s price movements.
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