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Analyst: Bitcoin Likely to Maintain Range-Bound Trading, Market Focuses on Powell's Speech on Friday
Summary: According to CryptoQuant analyst Axel Adler Jr, the sentiment index in the futures market has dropped below the neutral zone to 36%. This comes after the index briefly surged to 70% from August 11 to 14 when Bitcoin prices soared to $123,000. Currently, Bitcoin is holding at $115,000, with the momentum of sentiment index declining. ...
According to CryptoQuant analyst Axel Adler Jr, the sentiment index in the futures market has dropped below the neutral zone to 36%. This comes after the index briefly surged to 70% from August 11 to 14 when Bitcoin prices soared to $123,000. Currently, Bitcoin is holding at $115,000, with the momentum of sentiment index declining. The dominance of sellers in the index composition indicates a transition from the euphoria of the peak to a range-bound phase. This state suggests that a rebound may trigger selling when the index is still below 45-50%, leading to price fluctuations in a narrow range. If the index continues to remain weak during a weak rebound, it could test $112,000. The key focus this week is Powell's speech at the Jackson Hole summit on Friday (economic outlook and framework review), which could determine the future direction of market sentiment.
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Link: Analyst: Bitcoin Likely to Maintain Range-Bound Trading, Market Focuses on Powell's Speech on Friday [Copy]
