BlockBeats News, September 29th, HTX Researcher Chloe (@ChloeTalk1) pointed out in the HTX DeepThink column that the cryptocurrency market experienced significant volatility this week under macro and liquidity pressures. Intensive statements from central bank officials, combined with seasonal factors, led to a significant decline in risk appetite. Bitcoin once approached the $110,000 mark, Ethereum fell below $4,000, and the overall trend looked more like a “volume-led correction” rather than a typical pullback.
Option data shows that open interest (OI) remains at high levels, but skew is tilted towards bearishness, indicating that investors are increasing downside protection. The Deribit monthly large expiry point is near $110,000, and if the price falls below this or triggers passive hedging selling pressure. At the same time, the RSI of BTC and ETH is close to oversold, suggesting potential short-term rebound momentum.
Chloe emphasized that this week’s U.S. economic data is the biggest market catalyst, especially the non-farm payroll report on Friday. If new job additions and wage growth exceed expectations, it will strengthen expectations of higher interest rates and suppress risk assets. If the data is weak, it may alleviate concerns about rate hikes, combined with technical oversold conditions, triggering a temporary rebound.
