Viewpoint: The sentiment of the cryptocurrency market deviates from the price momentum, and the risk of a pullback is increasing BlockBeats News: On September 2nd, CryptoQuant analyst Axel Adler Jr posted that the Bitcoin sentiment index continued to cool down after reaching its peak on August 24th and remains in the "extremely greedy" range. At the same time, the current price of Bitcoin has decreased instead of rising from $78700 on August 24th, and the rising market sentiment has not been supported by corresponding price momentum. From the perspective of emotional composition, the current high level is mainly driven by the fear and greed index. The Z-score of this indicator reaches+2.19 σ, which is more than two standard deviations higher than the average of the past 365 days; The participants' emotions were only mild and optimistic. The data shows that the current 'extreme greed' is not a general strengthening of various market sentiment indicators, but rather reflects a significant rebound in the fear and greed index compared to the sluggish benchmark of the past year. Analysis suggests that a high sentiment index itself does not necessarily mean that the market is about to turn downwards, but the combination of extreme optimism and a lack of sustained price increases may make the market more sensitive to weak demand. To confirm a more sustained upward environment, the Bitcoin price needs to validate the current high sentiment level through further momentum growth, and other sentiment indicators also need to improve synchronously; On the contrary, if high-level sentiment persists and demand and prices fail to keep up, the market may face an increased risk of a pullback. [Original link]