CryptoQuant: Market sentiment is neutral to bearish, BTC's max pain point drops to $113,000

BlockBeats News, on September 28, CryptoQuant analyst Axel Adler Jr released a weekly summary of the bitcoin market, stating that in the fourth week of September, long positions were deleveraged, funding rates cooled down, and inflows of stablecoins and ETFs remained weak. The BTC trend this week was: after a failed attempt to break through $115,000, it quickly pulled back, falling below $114,000, with a low of $108,600. Recently, it has been fluctuating narrowly between $108,800 and $109,800, with low trading volume. The market has stabilized after selling pressure, but the descending high structure has not been broken.

Key resistance: $111,000-$112,000. Breaking through and holding above this level could restore buying momentum, with a target of $114,000-$115,400;

Local support: $108,600-$109,000. Holding this range maintains a neutral stance; if the drop is not severe, a quick rebound is possible;

Strong support: $106,000-$105,000. If $108,600 is broken, the price may accelerate toward this range, leading to a deeper correction.

The conclusion is that market sentiment is neutral to slightly bearish. A bullish outlook requires breaking through $112,000 and maintaining positive momentum for several days; otherwise, a retest of $108,600 is possible, with downside risk toward $106,000-$105,000. Options analysis indicators show BTC's maximum pain point has dropped to $113,000, with the expiry date on October 3, 2025. Call options are slightly skewed upward ($120,000-$126,000), while put support at $108,000-$111,000 is relatively weak. With low volatility, the market tends to mean-revert to $113,000, and consolidation around $113,000 is expected before expiry.