Analyst: If Bitcoin Sentiment Index Continues to Decline, It May Test the $102,000–$103,000 Support Level

According to ChainCatcher, CryptoQuant analyst Axel posted on social media that the current Bitcoin Advanced Sentiment Index reading has dropped to around 46%, slightly below the neutral threshold of 50%. The chart shows that although bullish sentiment surged to over 80% at the beginning of June, the index has since continued to decline—even with the recent price rebound from $103,000 to $105,000, neither open interest nor net buying volume has provided effective support, and the volume difference remains close to zero.

Currently, the price is fluctuating within the $103,000–$105,000 range, but there are no clear signs of new buying interest entering the market. For the uptrend to continue, the index needs to rise back to the 60–65% range, which would require synchronized growth in net active buying volume and open interest. Otherwise, the market may test the support level in the $102,000–$103,000 range.