According to online reports, CryptoQuant analyst Axel Adler Jr issued a post saying that although the price of Bitcoin has briefly retreated back to US$103,000-US$104,000, the fundamentals are still bullish: trading platform reserves continue to decrease, corporate purchases continue to put pressure on supply, while long-term holders continue to increase their holdings, forming a buffer under the market. At the same time, the macro situation shows mixed signals: slowing PCE inflation has reduced some policy pressure on the Federal Reserve, but tariff uncertainty and rising yields have strengthened the risk-averse atmosphere and curbed the market's willingness to grow. Next week's benchmark scenario is for Bitcoin prices to move sideways between $103,000 and $110,000 until new drivers emerge. If the volume amplifies and the momentum exceeds 20%, followed by a breakthrough of US$110,000, it can be confirmed that the market is ready to test the US$115,000 - 120,000 range. Conversely, if the net inflow of funds turns positive and the price falls below US$100,000, it may signal a deeper correction.