The recent Bitcoin market has shown a unique trend, as if testing the market's bottom line but never truly breaking below it. When the BTC price approaches $94,000, there always seems to be a mysterious force pulling it back quickly above $95,000. This phenomenon reveals a signal: in this round of rising market, there are still a large number of investors yet to enter. Once the price drops slightly, the bottom-fishing army rushes in, contrasting sharply with the previous situation where BTC lingered in the $80,000 to $85,000 range for 1 to 2 months with no one paying attention. This reflects that most investors are always willing to enter only after seeing a clear upward trend, while very few dare to layout in advance based on conviction.
This intuitive reflection of market sentiment can be glimpsed from the Greed and Fear Index. Today, the index reached 60, indicating a greedy sentiment in the market, while yesterday it was at a neutral level of 54. Additionally, the open interest in contracts is also worthy of attention. According to Coinglass data, the current open positions for Bitcoin futures contracts across the network have reached 669,900 BTC, approximately $63.7 billion, which is close to the previous high near $100,000. If the market can approach such high levels with a slight increase, then once a larger market movement occurs in the future, breaking through the previous high is almost a certainty.
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