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

BlockBeats news, 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 deleveraged, the funding rate cooled, and inflows of stablecoin and ETF were weak. This week, BTC's trend was: after a failed attempt to break through $115,000, it quickly fell back, dropping below $114,000 and reaching a low of $108,600. Recently, it has been oscillating narrowly between $108,800 and $109,800, with low trading volume; the market stabilized after selling pressure, but the descending high point structure has not been broken. Key resistance: $111,000-$112,000; breaking and holding above this level could restore buyer momentum, targeting $114,000-$115,400. Local support: $108,600-$109,000; maintaining this range keeps it neutral, and a slight breach may lead to a quick rebound; strong support: $106,000-$105,000; a break below $108,600 could accelerate towards this range, deepening the correction. The conclusion is that market sentiment is neutral to bearish, and bullish momentum requires a break above $112,000 and sustained positive momentum for several days, otherwise, it may retest $108,600, 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 expiration date of October 3, 2025. Call options are slightly bullish (ranging from $120,000 to $126,000), while put support at $108,000-$111,000 is relatively weak. In low volatility, the market tends to revert to the mean at $113,000, and it is expected to consolidate around $113,000 before expiration.