CryptoQuant: Market Sentiment Neutral to Bearish, BTC Key Support Level Drops to $113,000

BlockBeats News, September 28th, CryptoQuant analyst Axel Adler Jr released a weekly summary of the Bitcoin price action, stating that in the fourth week of September, the longs deleveraged, the funding rate cooled down, stablecoin and ETF inflows were weak. The trend of BTC this week was as follows: after failing to break through $115,000, it quickly fell back, dropping below $114,000 to a low of $108,600. In the recent period, it has been trading in a narrow range between $108,800 and $109,800, with low volume. The market stabilized after the selling pressure, but the lower high structure has not been broken.

Key Resistance: $111,000-$112,000, breaking through and holding above can restore buyer momentum, with a target of $114,000-$115,400;

Immediate Support: $108,600-$109,000, holding this range to maintain neutrality, a break below is not severe and may lead to a quick rebound;

Strong Support: $106,000-$105,000, breaking below $108,600 could accelerate to this range, leading to a deeper correction.

The conclusion is that the market sentiment is neutral to slightly bearish, a bullish outlook requires a breakthrough above $112,000 and holding positive momentum for several days; otherwise, a retest of $108,600 is possible, with downside risk testing $106,000-$105,000. Option analysis indicators show that BTC's maximum pain point has dropped to $113,000, with an expiry date of October 3, 2025. The bullish options are slightly biased towards the upside ($120,000-$126,000), with weak support at $108,000-$111,000. In a low-volatility environment, the market tends to revert to the mean around $113,000, and it is expected to consolidate around $113,000 before expiry.