Recently, the Bitcoin market has shown new dynamics. The sentiment index of the futures market has fallen below the neutral zone, standing at only 36%. This is in stark contrast to mid-August when the index once skyrocketed to 70%, and the price of Bitcoin also climbed to 123,000.

Currently, although the price of Bitcoin remains stable at 115,000, the market sentiment index continues to decline. From the details of the indicators, it seems that sellers dominate in the short term, with both net buying volume and transaction volume increments showing negative values, while open interest remains at a neutral level.

This phenomenon indicates that the market has shifted from the previous peak frenzy to a range trading mode. In this case, as long as the sentiment index remains below 45-50%, any rebound may trigger profit-taking, resulting in price fluctuations within a small range. More notably, if the rebound strength is insufficient and the sentiment index remains low, the Bitcoin price may test the support level of 112,000.

Overall, the market is undergoing a transition from exuberance to rational observation. Investors should closely monitor sentiment indexes and price trends to adapt to this new market environment. At this stage, caution and patience may be key factors in formulating investment strategies.