ChainThink reports that, on September 2, according to a post by CryptoQuant analyst Axel Adler Jr., the Bitcoin sentiment index peaked on August 24 and has since cooled, but remains in the "extreme greed" range.
However, Bitcoin's price declined from $78,700 on August 24, and the heightened market sentiment was not supported by price momentum.
From an emotional perspective, the current high is primarily driven by the Fear & Greed Index, which has a Z-score of +2.19σ—over two standard deviations above the 365-day average—indicating only modestly optimistic sentiment among participants.
Analysis indicates that a combination of extreme optimism and lack of sustained price momentum may make the market more sensitive to weakening demand. To confirm a sustained uptrend, Bitcoin’s price must demonstrate further upward momentum to validate the current high sentiment, alongside concurrent improvements in other sentiment indicators.
If high sentiment persists without price confirmation, the risk of a pullback may increase.