Thursday midnight analysis of Bitcoin on May 22

Bitcoin is currently consolidating around 111400. During the night session, we need to closely monitor the key support level at 110500. If it can hold this position after a pullback, the upward trend is likely to continue. The primary resistance above is at the previous high of 111866; if it cannot break through, it may trigger a short-term adjustment. However, if it breaks through effectively, it may open up new upward space. We need to be cautious of the support level at 110300; once it breaks down, it may trigger a 1-2 hour level correction. Below, we will sequentially pay attention to support levels at 109000, 107500, and 106000.