The current advanced sentiment index reading is about 46%, slightly below the neutral level of 50%. Although bullish sentiment in early June once soared above 80%, the index has continued to decline since then. The key point is that even though the price recently rebounded from $103,000 to $105,000, the open positions and net buying volume have not formed effective support, and the trading volume difference remains close to zero.

At this stage, the price is fluctuating between 103,000 and 105,000 USD; however, there is obviously insufficient new buying momentum. For the rise to continue, the sentiment index needs to rebound to the 60-65% range, which relies on the joint growth of net active buying volume and open contracts. Otherwise, there is still a risk of the market probing the support level of 102,000-103,000 USD. #BTC