BTC's two tests of the 109k short liquidation zone did not trigger a market response. The spot premium continues to decline, indicating a game between futures buyers and spot sellers. The current price has fallen to the lower end of the range, with long liquidity under pressure at 105k - 106k. If 106k is lost, the liquidation zone below could push the price down to 105k or even 103k; if longs are not fully liquidated, the oscillating pattern will continue. In the larger cycle, as long as the pullback does not break 105k, the oscillating upward trend remains.