Analyst: If Bitcoin sentiment index continues to decline, BTC may fall to $102000 to $103000

CryptoQuant analyst Axel Adler Jr. tweeted that the current Bitcoin Sentiment Index has fallen to around 46%, slightly below the neutral level of 50%. The chart shows that after reaching a peak of over 80% bullish sentiment in early June, the index gradually declined; Despite a slight increase in prices recently, from $103000 to $105000, the open interest and net buying volume have not been able to support this trend, and the increase in trading volume is still close to zero. At present, the price remains around $105000 and there is no significant influx of new purchases. To restore a sustained upward trend, the index must rebound to above 60% to 65%, which requires an increase in both net buy and open positions. Otherwise, the market is likely to retest the range of $102000 to $103000.