The pressure on Bitcoin at the position of 110000 is still strong. Yesterday it surged to the position of 109700 and then continued to decline, currently the price has retraced to the position of 107500. Here, there have been two instances of pin bars indicating upward movement. Currently, we are focusing on whether this position will be broken. If it does not break, we can look for bullish opportunities during the day.
From the hourly perspective, Bitcoin's trend has formed a high-level consolidation, with a range between 107000 and 110000. The MACD is still in a bearish arrangement below, and the SKDJ has also shown a death cross, indicating that the trend is still downward.
If it retraces to around 107000, we can consider starting to position for a bullish outlook. The upper pressure level to watch first is at 108500. If it breaks through, we will continue to monitor whether it can stand above 109700. If it can rise above, Bitcoin will see prices above 110000.