A crucial area of interest :
Between $107,500, where the 50-day simple moving average (SMA) is now located, and $106,000, where the 100-day and 200-day SMAs seem to converge.
From the psychological level of $104,000 to the local low of $105,200, which was attained on Wednesday, there is another area of interest.
The pseudonymous trader KillaXBT notes that if Bitcoin breaks out of the support zone between $108,000 and $107,500, it may see a more severe fall. The trader added that if BTC held this region, it will rise to new all-time highs in the next weeks.
According to CoinGlass data, the largest liquidity cluster, totaling $121 million, is located slightly over $110,000 in the BTC/USDT three-day liquidation heatmap.
A short squeeze is underway :
If the $110,000 mark is breached, which might compel short sellers to liquidate their holdings and push prices closer to $114,000.
On the down side, there are strong bid orders around about $108,000, and the next big cluster bands are between $107,700 and $105,000.