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

ChainCatcher message, CryptoQuant analyst Axel Adler Jr released a weekly summary of Bitcoin market trends, indicating that in the fourth week, bulls are de-leveraging, funding rates are cooling, and inflows of stablecoins and ETFs are weak. The trend for BTC this week is: 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 of $108,800 to $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 can restore buyer momentum, targeting $114,000-$115,400; local support: $108,600-$109,000, maintaining neutrality if this range holds, a slight drop may quickly rebound; strong support: $106,000-$105,000, breaking below $108,600 may accelerate to this range, leading to deeper corrections. The conclusion is that market sentiment is neutral to bearish; a bullish outlook requires breaking above $112,000 and maintaining positive momentum for several days, otherwise, it may retest $108,600, with risks of dropping 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 (between $120,000 and $126,000), while put support at $108,000-$111,000 is weak. In a low volatility environment, the market tends to revert to the mean at $113,000, with expectations of consolidation around $113,000 before expiration.