According to online reports, CryptoQuant analyst Axel posted on social media that according to the Bitcoin Advanced Sentiment Index, the current reading has dropped to about 46%, slightly below the neutral threshold of 50%. The chart shows that although market bullish sentiment soared to more than 80% in early June, the index has continued to fall since then-even though the recent price rebounded slightly from US$103,000 to US$105,000, neither open interest nor net buying volume has formed effective support, and the trading volume difference is still close to zero. The current price remains fluctuating in the range of US$103,000-US$105,000, but there is no obvious sign of new buying entering. For the rally to continue, the index needs to rebound back into the 60-65% range, which requires net active buying to grow in line with open interest. Otherwise, the market may test the support level in the US$102,000-US$103,000 range.