Since Bitcoin (BTC) broke through 110,000 last week, the market's exuberance has been rampant, with a large number of people trapped in the 108,000-109,000 range. When the price approaches this range again, those who are trapped are likely to sell in order to reduce losses and break free, creating selling pressure. Most of the market is focused on the 110,000 threshold, leading to a consistent expectation, making it difficult for bullish forces to sustain a breakthrough as they may be consumed early.

Based on the selling pressure above and market sentiment, the competition between bulls and bears in this area will be more intense. It is highly probable that the price will consolidate in this range, digesting selling pressure and accumulating strength for a breakthrough, while also allowing the market to rebalance long and short positions.