CoinVoice recently learned that according to CryptoQuant analyst Axel's post on social media, the current reading of the Bitcoin Sentiment Index has dropped to about 46%, slightly below the neutral threshold of 50%. The chart shows that despite the bullish sentiment in early June soaring to over 80%, the index has continued to decline since then—despite a recent slight rebound in price from $103,000 to $105,000, neither the open interest nor the net buying volume has formed effective support, and the volume difference remains close to zero.
Currently, the price is fluctuating in the range of $103,000 to $105,000, but there are no clear signs of new buying interest entering the market. To sustain the upward trend, the index needs to rise again to the range of 60-65%, which requires a synchronized increase 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. [Original link]
