According to PANews, CryptoQuant analyst Axel Adler Jr. stated that the Bitcoin sentiment index has dropped to around 46%, below the neutral level of 50%. Bullish sentiment had reached over 80% in early June, but the index has gradually declined.
Although the price has risen from $103,000 to $105,000, the open interest and net buying volume failed to support this trend, with the increase in trading volume approaching zero. The price remains around $105,000 with no significant new buying volume.
To restore a sustained uptrend, the sentiment index needs to rebound to above 60% to 65%, and both net buying volume and open interest need to increase simultaneously; otherwise, the market may retest the range of $102,000 to $103,000.
