Economic uncertainty leads to Bitcoin market entering a consolidation phase

CryptoQuant analyst Axel Adler Jr said the Bitcoin market is in a "consolidation" phase this week. The cryptocurrency’s price fluctuates between $110,000 and $112,000, hovering near the area of ​​maximum pain points. Even though derivative sellers have lost their dominance, growth momentum remains weak. On-chain indicators show that trading activity has declined and trading platforms have seen net outflows. As far as the macroeconomic environment is concerned, lower yields and weak U.S. labor markets provide support for risky assets. The market is in a consolidation state, showing an upward trend with a slight caution. However, the market remains highly sensitive to inflation data and options expiration.