Bitcoin's third flop at $110K puts bulls at risk: BTC price levels to watch

Key Points

1. Bitcoin price failed to regain support at $110,000 for the third time since the May all-time high, casting doubt on its ability to enter price discovery again.

2. Historically, multiple rejections near all-time highs have preceded sharp price drops, with past examples showing declines of 14%-18%.

3. Key resistance levels are at $110,000-$112,000, while support levels to watch are between $107,500 (50-day SMA) and $104,000 (psychological level).

4. High taker sell volume around $110,000 and neutral funding rates increase the likelihood of a pullback.

5. A short squeeze could occur if Bitcoin breaks $110,000, potentially driving prices toward $114,000, while downside support clusters are around $108,000-$105,000.