BlockBeats News, August 19th, CryptoQuant analyst Axel Adler Jr posted that "the futures market sentiment index has dropped below the neutral zone to 36%. During August 11th to 14th, this index briefly rose to 70% due to Bitcoin's price surging to $123,000. Currently, the Bitcoin price is holding at $115,000, and the sentiment index momentum is decreasing: in the index composition, sellers dominate in the short term (net sellers and negative volume delta), while open interest remains neutral. This means the market has transitioned from the euphoric sentiment at the peak to a range-bound phase."
This situation implies that when the index is still below 45-50%, a rebound may trigger selling pressure, and the price tends to fluctuate in a narrow range. If the rebound is weak, the index will continue to be depressed, increasing the likelihood of testing $112,000. The key this week is Powell's speech at the Jackson Hole Summit on Friday (economic outlook and framework review), which may determine the future direction of market sentiment."