Since last week when Bitcoin once again broke through the $110,000 price level, the market's enthusiasm for chasing the price has remained high, with a large number of investors trapped in the $108,000-$109,000 range. When the price approaches this range again, these trapped investors are likely to choose to sell their holdings in order to stop loss and breakeven, thus creating a significant selling pressure. It is worth noting that the current market focus is generally concentrated on the $110,000 mark, and this consistency in expectations often leads to the long positions being exhausted before a real breakthrough, making it difficult to sustain a breakout.

Considering the selling pressure above and the current market sentiment, the contest between long and short positions will become more intense when the price reaches this sensitive area. Analysis suggests that the Bitcoin price is likely to form a sideways consolidation trend within this range, a process that helps the market digest the selling pressure and accumulate new breakthrough momentum, while also giving the market enough time to rebalance the long and short positions structure in preparation for the next phase of the market.