Analyst: The market has transitioned from a state of excitement at its peak to a range trading phase

ChainCatcher message, CryptoQuant analyst Axel Adler Jr tweeted that "the Bitcoin futures market sentiment index has dropped to a neutral zone below 36%. After a surge from August 11 to 14, the index once rose to 70%, and the price also jumped to 123,000. Currently, the Bitcoin price remains at $115,000, while the index momentum is declining: in the index components, sellers dominate in the short term (net buying volume and transaction volume increment are negative), and open interest is neutral. This means the market has transitioned from a state of excitement at its peak to a range trading phase. Such a trend indicates that when the index stays below 45-50%, a rebound could trigger a sell-off, and the price tends to fluctuate within a narrow range. During a weak rebound, the index remains sluggish, increasing the risk of testing $112,000."