Analyst: The Market Has Shifted from Peak Excitement to a Range-Bound Trading Phase
ChainCatcher reports that CryptoQuant analyst Axel Adler Jr tweeted, "The Bitcoin futures market sentiment index has dropped below neutral to 36%. After surging between August 11 and 14, the index once reached 70%, with the price jumping to $123,000. Currently, the Bitcoin price remains at $115,000, while the index momentum is declining: among the index components, sellers are dominant in the short term (net buying volume and incremental trading volume are negative), and open interest is neutral. This indicates that the market has transitioned from a state of excitement at the highs to a range-trading phase. Such a trend means that when the index stays below 45-50%, any rebound may trigger selling, and prices tend to fluctuate within a narrow range. During weak rebounds, the index remains sluggish, increasing the risk of testing the $112,000 level."
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