In recent days, Bitcoin has started to sell off quickly every time it approaches around 108. This is because there are $40 million in spot sell orders on Binance and Coinbase near 108800, and nearly $200 million in perpetual sell orders on Binance, with the orders having lasted for several days, thus ruling out orders that are not from market makers;
Whenever Bitcoin briefly consolidates around 106500, it then continues to rise again to near 108, repeating this process. Additionally, when there are large orders placed above or below for a long time, the probability of them being executed in the end is relatively high;
