🚨 #BTC fell below $112,000! Can $110,000 hold?

On August 24, Bitcoin fell below the critical support of $112,000, with the market losing about $600 million in a single day, and long positions being liquidated up to $475 million. This is the most severe leveraged washout since the FUD in April 💥 Traders now view $110,000 as the last line of defense. If this level breaks, BTC may further drop towards $107,000–$105,000.

From the chart, $112,000 had previously acted as a support level multiple times to stabilize the price, but this round of retesting failed to bring a rebound, exposing the market's fragile structure.

BTC has set new lows for three consecutive trading days: the first wick touched $110,305, the second $110,185, and the third fell to $108,761, with short-term support under pressure as bears begin testing liquidity positions below $110,000.

In terms of market sentiment, the volatility index (CVI) is at 47.69, and the fear and greed index is at 47, indicating moderate overall volatility without a panic outbreak.

Spot ETFs have turned positive, and buying pressure is slowly recovering, but open contracts remain low, and leveraged funds have yet to return, leaving BTC's structure still bearish ⚠️ Any short-term rebound could quickly reverse the bearish sentiment, but without macro catalysts, risks remain.

In terms of funds, whales and large capital are leaning towards Ethereum.

The ETH/BTC ratio shows approximately $900 million flowing into ETH daily, with the last four ETH ETF funding rounds exceeding $1 billion 💎 Capital is shifting towards ETH, which means that if BTC doesn't receive external stimulus, it could further drop towards $100,000.

Overall, $110,000 is a critical watershed. Holding it could lead to a stabilization and rebound, while breaking it could usher in a new round of declines.

In the short term, BTC is still testing market structure and capital preferences.