Looking back at the afternoon market, it failed to maintain the morning's strength, and long positions showed fatigue while attempting to push higher. Although BTC made a slight breakthrough and reached a new high of 110275, it could not successfully hold above the 110000 USD mark. The loss of this key psychological level is a strong signal of stagnation. Subsequently, the market reversed downwards, continuously breaking through multiple short-term support levels, with the lowest point now around 108600, indicating that the morning's breakthrough can be classified as a "false breakouts", and the pressure from short positions has arrived as expected.

After reaching a new high, the price failed to hold above and instead quickly fell back, forming a typical "false breakouts" trap. This confirms that there is strong selling pressure in the 110000-110300 region, which has become a solid resistance ceiling. The pullback from the high of 110275 to the low of 108600 has exceeded 1600 points, which not only completely erased part of the intraday rise but also disrupted the previously coherent upward rhythm. This deep pullback indicates that short positions are gaining momentum and beginning to dominate the short-term market.
Pay attention to the key support below, the 108500 level is the last line of defense for the current long positions. Once the price effectively breaks below this level again around midnight, it will confirm the formation of a short-term head structure, which may trigger a large number of long position stop-loss orders, thus initiating a strong downward trend #广场创作者认证申请上线 $BTC .

BTC strategy: short around 109500, target 108000
Ethereum strategy: short around 3870, target 3788