Bitcoin Sentiment Hits Extreme 'Greed' Levels Amid Cooling Trend

CryptoQuant's Unified Sentiment Index reached an extreme reading of above 89, according to analyst Darkfrost. This level indicates 'extreme greed' and has only been seen once before in March 2024.

The index uses a scale of -100 to +100, and readings above 89 suggest investors are at their most euphoric since the mentioned date. However, sentiment is already cooling, which can be an indicator that the market is approaching a turning point.

Bitcoin's spot momentum fell by 30% over the past week, but spot volume rose nearly 10% in the last 24 hours to $6.9 billion. The current price of Bitcoin is around $77,000, still struggling to break past its support level of $81,000.