In recent days, Bitcoin has started to rapidly sell off every time it approaches around 108. This is because there are 40 million in spot sell orders on Binance and Coinbase near 108800, and there are nearly 200 million in perpetual sell orders on Binance, all of which have been placed for several days, indicating that these are not orders from market makers;

Whenever Bitcoin briefly consolidates around 106500, it then continues to rise again toward 108, repeating this pattern. Additionally, if there are large orders placed for a long time above or below, the probability of those orders ultimately being executed is relatively high.