Latest data shows that the market sentiment for Bitcoin has noticeably cooled down, with the Advanced Sentiment Index dropping to about 46%, below the neutral level line of 50%. Analyst Axel Adler Jr.'s data tracking indicates that this metric had climbed to over 80% in early June, after which it began to show a continuous downward trend.
It is worth noting that although the price of Bitcoin has recently seen a slight increase, climbing from around $103,000 to approximately $105,000, the market's fundamental data does not support this price performance. Currently, the positions and net buying volume are weak, with almost zero increase in trading volume, indicating a lack of new capital inflow to support the current price level.
Currently, the price of Bitcoin is hovering around $105,000, but there is no significant buying power entering the market. Technical analysis indicates that to restore a robust upward trend, the sentiment index needs to rebound to the range of 60%-65% or higher, and this process requires a simultaneous increase in net buying volume and open interest. If these key indicators do not improve, the market is likely to retreat and test the support area of $102,000 to $103,000.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Latest data shows that the market sentiment for Bitcoin has noticeably cooled down, with the Advanced Sentiment Index dropping to about 46%, below the neutral level line of 50%. Analyst Axel Adler Jr.'s data tracking indicates that this metric had climbed to over 80% in early June, after which it began to show a continuous downward trend.
It is worth noting that although the price of Bitcoin has recently seen a slight increase, climbing from around $103,000 to approximately $105,000, the market's fundamental data does not support this price performance. Currently, the positions and net buying volume are weak, with almost zero increase in trading volume, indicating a lack of new capital inflow to support the current price level.
Currently, the price of Bitcoin is hovering around $105,000, but there is no significant buying power entering the market. Technical analysis indicates that to restore a robust upward trend, the sentiment index needs to rebound to the range of 60%-65% or higher, and this process requires a simultaneous increase in net buying volume and open interest. If these key indicators do not improve, the market is likely to retreat and test the support area of $102,000 to $103,000.