Analyst: Bitcoin fundamentals remain bullish, long-term holders continue to increase holdings to form a "buffer" support

Planet News: CryptoQuant analyst AXEL Adler Jr wrote that "Although Bitcoin price briefly retraced to $103,000-$104,000, the fundamentals remain bullish: trading platform reserves continue to decrease, corporate purchases persistently pressure supply, while long-term holders continue to accumulate, forming a 'buffer' at the market bottom. Meanwhile, the macro situation presents mixed signals: PCE inflation slowdown has eased some Federal Reserve policy pressure, but tariff uncertainty and rising yields have strengthened the 'risk-averse' atmosphere, suppressing market growth willingness. The baseline scenario for next week is Bitcoin price consolidating between $103,000 and $110,000 until new driving factors emerge. If trading volume expands and momentum breaks through 20%, accompanied by a breakthrough above $110,000, it can confirm the market is preparing to test the $115,000-$120,000 range. Conversely, if net capital inflow turns positive and price falls below $100,000, it might signal a deeper retracement."