The sentiment in the Bitcoin futures market is a bit chilly! The sentiment index has dropped below the neutral zone to 36%. It soared to 70% when Bitcoin was at 123,000. Now the price is steady at 115,000, with short-term sellers dominating, shifting the market from frenzy to range-bound fluctuations.

Analysts say that when the index is below 45%-50%, rebounds are prone to selling pressure, and it could even test 112,000. The speech by Powell at the Jackson Hole summit on Friday is crucial and may directly influence market sentiment, so let's stay tuned to see how it plays out $BTC .