Bitcoin’s been having a bit of a mood lately — not quite up, not quite down, just pacing back and forth.

Over the past few days, the price has hovered around the $105,000 mark, with a few quick spikes that didn’t really stick.

This hesitant movement isn’t just random; it’s unfolding against the backdrop of global uncertainty, especially tensions in the Middle East, which are rattling investors across financial markets.

So, what’s causing Bitcoin to stall after what seemed like a promising rally?

Market Sentiment Is Slipping — And It Matters

To get a clearer picture, we turn to on-chain data — basically, a peek behind the curtain into what investors are really feeling.

According to crypto analyst Axel Adler Jr., there’s been a noticeable dip in Bitcoin’s Advanced Sentiment Index, a metric that measures how bullish (or not) the market is feeling.

Earlier in June, the index soared past 80%, signaling major optimism.

But fast-forward to now, and it’s slipped below 50%, landing around 46%.

That’s a red flag — not full-blown panic mode, but a clear sign that confidence is fading.

This kind of shift usually means traders are torn between holding steady and cashing out.

When this index falls below the neutral zone, it often hints that more price drops could be on the way — unless something changes.

Bulls Are Backing Off, and So Is Momentum

Even as Bitcoin nudged up from $103,000 to $105,000 recently, that bounce lacked real weight.

Key indicators like open interest (how many active contracts are in the market) haven’t shown much support from investors.

That suggests many are either pulling out or sitting on the sidelines, waiting for clearer signals.

Bottom line? The rally is running low on fuel.

Without a surge in enthusiasm or trading volume, Bitcoin might be stuck in neutral for a while.

What Needs to Happen for Bitcoin to Climb Again?

Adler Jr. believes that unless there’s a strong shift in sentiment — with the index pushing back up past 60–65% — Bitcoin may not regain its upward momentum anytime soon.

To get there, we’d also need to see an increase in net taker volume and open interest, meaning more traders need to confidently jump in and back the climb.

If that doesn’t happen soon, brace for a possible dip.

The next support zone — basically, the price level where buyers might step in — is between $102,000 and $103,000.

But even that’s no sure thing.

It’s a risky zone, and whether it holds or not will depend on how jittery or bold investors are feeling in the coming days.

Bitcoin Right Now: Calm Before the Storm?

At the time of writing, Bitcoin’s sitting around $105,419, pretty much where it’s been for the last 24 hours.

It’s a quiet period — but one that could precede either a big move up or a sharp slide down.

As always in crypto, staying informed and cautious is the name of the game.

Right now, the data suggests the market is cooling off, waiting for a reason to act.

What’s next? That depends on whether confidence returns — or if the fear of another drop takes over.