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

ChainCatcher news, CryptoQuant analyst Axel Adler Jr tweeted, "The Bitcoin futures market sentiment index has dropped to a neutral zone below 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 transaction volume increment are negative), and the 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 stays below 45-50%, a rebound may trigger sell-offs, and prices tend to fluctuate within a narrow range. During a weak rebound, the index remains low, increasing the risk of testing $112,000."