The price of Bitcoin has been significantly signs of uncertainty and fatigue for the last few days, and most of them are more than $ 105,000 for movements and two continuous rest. The encryption market continues to lack momentum, depending on the continued impact of the Middle East.
The current classification of the Bitcoin price behavior is that the strong momentum of the cryptocurrency is insufficient for rest, but the recent chain data not only confirms this reasoning, but also provides insight into the next station for the flagship cryptocurrency.
The advanced appraisal index slides less than 50%
Axel Adler Jr., a chain analyst from the post on the X platform on June 14, reported that Bitcoin’s strong feelings between investors would have begun to lose their strength. This hotlight observation is based on the Bitcoin Advanced Sentational Index Metric, which measures the balance between strength and weak positioning in the market to measure the entire trader sentiment.
As the name suggests, this onchain indicator provides insight into general feelings in a specific cryptocurrency market. For example, more than 60-70% of reading is generally strong in the market, and is generally available before or during the price rally.
Meanwhile, when the metrics are worth it It is about 50%, and generally indicates neutral market sentiment. In other words, there is an uncertain level between the bear and the bull. This is generally recorded in the integration stage before the market’s decisive direction movement.
At the other end of the spectrum, if the Bitcoin high-quality emotion index is read less than 40-50%, it means that fear or attention in the market can be increased, which can be ahead of the additional loss of BTC value. But if your emotions are too pessimistic, you can potentially represent the floor.
Source: @AxelAdlerJr on XIn X’s post, ADler Jr. has dropped the emotional index of less than 50% neutral threshold to about 46%, which belongs to the weak area. According to the analyst, the Bitcoin’s emotional index reached at least 80% in early June, but began to slowly decrease after the highest.
When the BTC has recently ranged from $ 103,000 to $ 105,000, other important indicators, such as public interest, indicate that there are few investor support, showing a weakness of strongness.
What is the price of Bitcoin?
Adler Jr. agreed that the determination currently being observed in the market can continue until it changes, such as the appraisal index. In order to resume the upward trend, the analyst explained that the index should rebound more than 60-65%, which would only occur when pure cycle volume and open interest increased simultaneously.
If this doesn’t happen, the Bitcoin price is risk of testing the next level of about $ 102,000 to $ 103,000. For this reason, the strength of the next support is still probability, so it is essential to pay attention to the market.
At the time of this article, Bitcoin’s value is $ 105,419, which does not reflect significant price movement over the last 24 hours.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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