CryptoQuant analyst Axel Adler Jr. has identified a neutral bearish foundation in the Bitcoin market. Price and derivatives flow are currently below 50, indicating a lack of positive momentum. Despite weak demand (receiver flow), any potential recovery is expected to be a mean reversion towards around $113,000, aligning with fair value or the 30-day midpoint. Current capital flows are not indicative of risk appetite, suggesting no significant upward movement. The closest bullish scenario would involve a technical rebound between $113,000 and $115,000 as capital flow stabilizes. However, to shift the market landscape, capital flow exceeding 55 and a price index above 50 are required. Until these conditions are met, there is a risk of repeated price declines towards lower levels.