From the analysis of the Bitcoin liquidation heat map over the past three days, there is a clear key price range in the current market, with major liquidation hotspots primarily concentrated in two directions: above at 110400 and below near 108200 and 107845.

Data shows that if the price breaks through 110405, approximately 243 million in short positions will face liquidation risks; conversely, if the price dips to the 107800 level, about 485 million in long positions will face liquidation pressure. This data pattern indicates that the overall sentiment among market participants remains predominantly bullish.

However, it should be noted that in a generally bullish market, a rapid decline is often most likely to occur, and a strong bearish candlestick is enough to break the expectations of bullish holders. Based on the current market situation, maintaining a bearish strategy at high levels and continuing to pay attention to the support performance around 107000 may be more prudent.