Analysts say market confidence has reached "extremely negative" levels, indicating that investor confidence in Bitcoin's trend is nearing collapse.

According to ME News, on March 2nd (UTC+8), on-chain data analyst Murphy posted on social media that the current market investor confidence index has reached an "extremely negative value," remaining below -0.3 for several days since February 18th. The interpretation of this signal is "very simple": current investor confidence in the BTC trend is nearing collapse. Murphy stated that this value indicates that the market's severely damaged confidence is unlikely to be restored in the short term, and the recovery will likely take months or even quarters. However, historically, confidence indices at current levels typically rebound, or are getting closer to a "bear market bottom." (Source: ME)