[CryptoQuant: Market Sentiment Neutral to Bearish, BTC Max Pain Drops to $113,000] BlockBeats News, September 28, CryptoQuant analyst Axel Adler Jr released a weekly Bitcoin market summary, stating that in the fourth week of September, long positions were deleveraged, funding rates cooled, and stablecoin and ETF inflows remained weak. This week, BTC's trend was as follows: after failing to break through $115,000, it quickly retreated, 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 stabilized after selling pressure, but the descending high structure remains unbroken. Key Resistance: $111,000–$112,000. A breakout and sustained hold above this range could restore buyer momentum, targeting $114,000–$115,400. Local Support: $108,600–$109,000. Holding this range maintains neutrality; a minor break below may lead to a quick rebound. Strong Support: $106,000–$105,000. A break below $108,600 could accelerate a drop to this range, deepening the correction. The conclusion is that market sentiment is neutral to bearish. A bullish outlook requires a breakout above $112,000 with sustained positive momentum for several days; otherwise, a retest of $108,600 is possible, with downside risks extending to $106,000–$105,000. Options analysis indicators show BTC's max pain point has dropped to $113,000, with an expiration date of October 3, 2025. Bullish options are slightly skewed upward ($120,000–$126,000), while bearish support at $108,000–$111,000 is relatively weak. Under low volatility, the market tends to revert to the mean at $113,000, with consolidation expected near this level before expiration.