CryptoQuant: Market sentiment is neutral to bearish, with BTC's maximum pain point dropping to $113,000.

On September 28, CryptoQuant analyst Axel Adler Jr released a weekly summary of Bitcoin market conditions, indicating that in the fourth week of September, long positions were deleveraging, the funding rate was cooling, and inflows of stablecoins and ETFs were weak. This week, BTC's trend was as follows: after a failed attempt to break through $115,000, it quickly fell back, dropping below $114,000, with a low of $108,600. Recently, it has been oscillating in a narrow range between $108,800 and $109,800, with low trading volume; the market stabilized after selling pressure, but the declining high point structure remains unbroken. Key resistance: $111,000 - $112,000; breaking through and holding above could restore buyer momentum, targeting $114,000 - $115,400. Local support: $108,600 - $109,000; maintaining this range keeps the market neutral, while a break below may result in a quick rebound. Strong support: $106,000 - $105,000; breaking below $108,600 could accelerate down to this range, leading to a deeper correction. The conclusion is that market sentiment is neutral to bearish; bullish momentum requires breaking through $112,000 and holding steady for several days, otherwise, a retest of $108,600 may occur, with risks dipping to $106,000 - $105,000. Options analysis indicators show that BTC's maximum pain point has dropped to $113,000, with an expiry date of October 3, 2025. Call options are slightly upward biased ($120,000 - $126,000), while put support at $108,000 - $111,000 is relatively weak. In a low-volatility environment, the market tends to revert to the mean around $113,000, expected to consolidate near $113,000 before expiry.