Bitcoin Sentiment Hits 2-Year High as Market Nears Turning Point

The Bitcoin market is hitting its most euphoric level since March 2024, according to CryptoQuant analyst Darkfrost. This is evident from the Unified Sentiment Index climbing above 89 on a scale of -100 to +100.

The index's extreme reading typically signals a pivot point for the market, with readings above 89 sitting in the 'extreme greed' zone. However, sentiment has already started cooling down after reaching this peak.

Bitcoin spot momentum fell by 30% over the past week, while spot volume rose nearly 10% in the last 24 hours. The asset is currently struggling to break past its support level of $81,000, which it reached in early September.