Bitcoin's fundamentals remain robust despite a recent price correction to $103,000-$104,000, according to CryptoQuant analyst Axel Adler Jr. Key indicators such as declining trading platform reserves and continued corporate purchases are supporting the market. Long-term holders are increasing their holdings, providing a buffer below current price levels. The macroeconomic environment presents mixed signals, with a slowdown in PCE inflation easing some Federal Reserve policy pressures, while tariff uncertainties and rising yields contribute to a risk-averse market sentiment. Bitcoin is expected to consolidate between $103,000 and $110,000 in the near term, with potential for a breakout if trading volume and momentum increase significantly.