According to Odaily Planet Daily, Bitcoin's recent weakness appears to have dampened market enthusiasm, with Google search interest plummeting to multi-month lows. The latest market sentiment index reflects typical bear market characteristics, with caution dominating the crypto market. The Crypto Fear and Greed Index has fallen to 24, the "fear" level, its lowest point in the past year and a significant drop from 71 last week. This decline is similar to the sentiment during Bitcoin's brief dip below $74,000 in April of this year, and echoes previous periods of market weakness in 2018 and 2022.

Despite the sharp drop in sentiment, Bitwise analysts believe the current situation is more conducive to "buying on dips" rather than retreating. André Dragosch, Head of Research, Max Shannon, Senior Researcher, and Ayush Tripathi, Research Analyst at the firm, stated that the recent correction was primarily driven by external factors, and that historically, such extreme sentiment often signals a good entry point before a rally.