Analyst: If the Bitcoin sentiment index continues to decline, it may test the support level of $102,000 to $103,000

ChainCatcher news, according to CryptoQuant analyst Axel's post on social media, the current reading of the Bitcoin Advanced Sentiment Index has dropped to about 46%, slightly below the neutral threshold of 50%. The chart shows that although bullish sentiment in the market soared to over 80% in early June, the index has continued to decline since then—despite a recent slight rebound in price from $103,000 to $105,000, both open interest and net buying volume have not 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 significant signs of new buying entering the market. To sustain the upward trend, the index needs to rise back to the 60-65% range, which requires a simultaneous increase in net active buying volume and open interest. Otherwise, the market may test the support level in the $102,000 to $103,000 range.