Bitcoin Sentiment Soars to March 2024 Levels

Bitcoin's sentiment has reached its highest level since March 2024, according to CryptoQuant analyst Darkfost. His sentiment measure climbed above 89 out of 100, putting it in the 'extreme greed' range. However, the reading has since cooled down, despite Bitcoin attempting to hold its current price.

Darkfost's comparison with March 2024 concerns a previous instance when his sentiment measure reached an extreme level. He noted that unusual readings can appear around market turning points and should be monitored closely. The analyst did not predict a reversal based on the current reading.

Meanwhile, CoinGecko showed Bitcoin trading near $77,300 after a 24-hour range of roughly $76,400 to $79,600. U.S.-listed spot Bitcoin ETFs recorded net outflows of $462.7 million during the Sep. 8-11 trading week.