The Bitcoin Prize has shown signs of indecision and exhaustion in recent days, mainly with lateral movements and some unpurrent ruptures greater than $ 105,000. This lack of momentum occurs while the cryptography market continues to combat the impact of current disorders in the Middle East.
Although the current choppiness of the price of the price of Bitcoin suggests that the bullish momentum of the cryptocurrency is, at the time, insufficient for a break, recent data on the chain corroborate not only this inference, but also offers an overview of the next potential step for the flagship cryptocurrency.
The advanced index of feelings slides within 50%
In an article on June 14 on the X platform, the Axel Adler Jr. chain analyst reported that the bitcoin bullish feeling among investors could start to lose intensity. This chain observation is based on the metric of the Bitcoin advanced feeling index, which measures the balance between the bull and lowering positioning on the market to assess the overall feeling of traffic.
As its name suggests, this chain indicator offers an overview of the general feeling of a particular cryptocurrency market. For example, reading over 60 to 70% generally indicates a strong bullish feeling on the market and is generally seen before or during price rallies.
In the meantime, when the value of the metric is around 50%, it generally indicates the feeling of the neutral market, which means that there is a level of indecision or balance between bears and bulls. This is generally recorded in a consolidation phase, which precedes the final directional movement on the market.
At the other end of the spectrum, when the Bitcoin advanced feeling index reads below 40 to 50%, this implies fear or increasing prudence on the market, which could precede an additional loss of the value of the BTC. However, this could also indicate a background if the feeling should be too pessimistic.
Source: @AxelAdlerJr on X
In the position on X, Adler Jr. reported a drop in the feeling of feeling below the neutral threshold of 50% to around 46%, which is in the lowering territory. According to the analyst, the feeling of Bitcoin feeling peaked above 80% in early June, but slowly started to decrease after reaching the summit.
As the BTC recently joined $ 105,000, against $ 103,000, other important measures such as open interest also indicated very little support for investors, demonstrating more optimistic presence.
What is the next step for the price of Bitcoin?
Adler Jr. estimated that the indecision currently observed on the market could continue until something important – like the feeling of feeling – changes. In order for the trend to increase, the analyst explained that the index should bounce over 60 to 65%, which would only occur if there are simultaneous increases in the volume of net and open interest.
If this does not happen, the Bitcoin price may test the next level of support, around $ 102,000 – $ 103,000. For this reason, caution when managing the market is essential, because the strength of the following support is still very probabilistic.
To date, Bitcoin is estimated at $ 105,419, not reflecting any significant price movement in the last 24 hours.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock star image, tradingview graphic
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