Bitcoin’s rise is facing a decline in investor enthusiasm, and market signals are not consistent

On September 12, Bitcoin price rebounded to $116,000 during market consolidation, but technical indicators showed potential bearish momentum. The Relative Strength Index (RSI) shows overbought state, with weakening kinetic energy, while the Fear & Greed Index reaches 79, which is often a harbinger of a pullback in history. On-chain data shows that the number of new addresses has dropped by 20%, and the hash rate has stabilized, indicating a decrease in speculation. The growth of open contracts in the derivatives market slowed down, and financing interest rates fell. Despite strong fundamentals such as scarcity and institutional adoption after the halving, short-term resistance from profit-taking and macro risks could test the $115,000 support level.