CryptoQuant analyst Axel posted on social media that according to the Bitcoin Advanced Emotion Index, the current reading has dropped to about 46%, slightly below the neutral threshold of 50%. The chart shows that although the market sentiment soared to over 80% in early June, the index has continued to decline since then - even though the recent price has rebounded slightly from $103,000 to $105,000, the open interest and net buying volume have not formed effective support, and the volume difference is still close to zero.

Currently, the price is fluctuating in the range of $103,000 to $105,000, but there is no obvious sign of new buying entering the market. To continue the upward trend, the index needs to rise back to the 60-65% range, which requires synchronized growth in net active buying volume and open interest. Otherwise, the market may test the support level in the range of $102,000 to $103,000.