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

According to Mars Finance, CryptoQuant analyst Axel Adler Jr tweeted, "The Bitcoin futures market sentiment index has dropped below the neutral zone to 36%. After a surge from August 11 to 14, the index once rose to 70%, and the price jumped to $123,000. Currently, the Bitcoin price remains at $115,000, while the index momentum is declining: among the index components, sellers dominate in the short term (net buying volume and trading volume increment are negative), and open interest is neutral. This means the market has transitioned from a state of excitement at the peak to a range trading phase. Such a trend indicates that when the index remains below 45-50%, rebounds may trigger sell-offs, and prices tend to fluctuate within a narrow range. During weak rebounds, the index continues to remain low, increasing the risk of testing $112,000."