Analysis: The fundamentals of Bitcoin remain bullish, and long-term holders continue to increase their positions, forming a "buffer" support

ChainCatcher news, CryptoQuant analyst Axel Adler Jr stated, "Although the Bitcoin price briefly pulled back to $103,000--$104,000, the fundamentals remain bullish: exchange reserves continue to decrease, corporate purchases continue to pressure supply, while long-term holders continue to accumulate, forming a 'buffer' below the market.

Meanwhile, the macro situation presents mixed signals: the slowdown in PCE inflation has eased some of the Federal Reserve's policy pressure, but tariff uncertainty and rising yields have strengthened the 'risk-averse' atmosphere, suppressing the market's growth willingness. The baseline scenario for next week is for Bitcoin prices to consolidate between $103,000 and $110,000 until new driving factors emerge.

If trading volume increases and momentum breaks above 20%, accompanied by a breakout above $110,000, it would confirm that the market is preparing to test the $115,000--$120,000 range. Conversely, if net capital inflows turn positive and the price falls below $100,000, it may indicate a deeper correction."