Analyst: Bitcoin sentiment index remains low, no new buying signs
CryptoQuant analyst Axel posted on social media that according to the Bitcoin Advanced Emotion Index, the current reading has dropped to about 46%, slightly below the neutral threshold of 50%. The chart shows that although the market sentiment soared to over 80% in early June, the index has continued to decline since then - even though the recent price has rebounded slightly from $103,000 to $105,000, the open interest and net buying volume have not formed effective support, and the volume difference is still close to zero.
Currently, the price is fluctuating in the range of $103,000 to $105,000, but there is no obvious sign of new buying entering the market. To continue the upward trend, the index needs to rise back to the 60-65% range, which requires synchronized growth in net active buying volume and open interest. Otherwise, the market may test the support level in the range of $102,000 to $103,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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