Analysts: Bitcoin sentiment index remains low, with no sign of new buying

CryptoQuant analyst Axel posted on social media that according to the Bitcoin Senior Sentiment Index, the current reading has fallen to about 46%, just below the neutral threshold of 50%. The chart shows that although the market bullish sentiment soared to more than 80% in early June, the index has continued to decline since then - even though the price has recently rebounded slightly from $103,000 to $105,000, and the unpositioned squaring contract and net buying volume have not formed effective support, the volume difference is still close to zero.
The current price remains in the 103,000 - 105,000 range, but there is no clear sign of new buying. For the rally to continue, the index needs to return to the 60-65% range, which requires net active buying to grow in line with unpositioned squaring contracts. Otherwise, the market may fall to the support level in the 102,000 - 103,000 dollar range.