Bitcoin is still hovering around ATH, but the data often used in the previous season signals a bottom?

📌 The price of #BTC is holding steady around $107K, just a few percent away from the all-time high. But the strangest thing about this period is not the price, but the silence from retailers. The traffic to crypto sites has hit a low, matching the levels of 2019–2020.

📌 Google Trends has fallen to its lowest since 2020. Search queries for "#Bitcoin" are at rock bottom, despite the price holding its peak for several weeks. No FOMO. No hype. Perhaps part of this is because $BTC has become mainstream; almost everyone knows a little about $BTC, and the motivation to search is no longer like it was 5-7 years ago.

📌 Meanwhile, on-chain data paints a completely opposite picture:

- The ratio of $BTC active in 180 days has sharply decreased by 17%, the lowest since the bottom of the 2022 cycle → holders do not want to sell.

- Bull Score Index remains around 80–90 → bullish sentiment still dominates in the short term.

- There is a large liquidity around the $104K–$106K range, establishing a 3-year peak in concentrated liquidity volume - trading is still very active.

The question that the crowd is still searching for (or has exited the market due to disappointment): When will we have a retailers season?