Core Points:
Bitcoin's price is constrained by the $110,000 resistance level, attributed to selling pressure and a decrease in spot trading volume. The current push towards this resistance level is primarily driven by leveraged trading.
Traders are closely monitoring today's trading volume performance to determine whether the emerging intraday trend will continue after the U.S. market opens on May 27.
Bitcoin's price showed a mild recovery over the weekend, but the upward momentum past $110,000 is limited by selling pressure. Glassnode data indicates that the group holding more than 10,000 bitcoins is in a "net selling" state, while investors holding below this level continue to accumulate.
The cumulative trading volume difference between spot and futures on Binance shows that selling pressure persists when Bitcoin's price approaches the $110,000 mark.
BTC/USDT 4-hour chart CVD (spot and futures). Source: TRDR.io
On Sunday (May 25), the price driven by the futures market rose to $110,000, following U.S. President Donald Trump's announcement that European Commission President Ursula von der Leyen had contacted him, suggesting a delay of about a month for the 50% EU tariffs originally set to take effect on June 1.
President Trump. Truth Social
Compared to last week's data, the funding rates have significantly cooled, especially on the Hyperliquid (orange line) platform, where trader James Wynn frequently switched between a $1.2 billion long position at 40x leverage and a $500 million short position, both of which have now been closed.
Bitcoin funding rates across exchanges. Source: Velo
Regarding the possibility of breaking the $110,000 resistance level, funding flows may continue to be suppressed due to the U.S. market being closed for Memorial Day, meaning the daily market demand brought by the spot Bitcoin ETF (which has purchased $8.36 billion in Bitcoin since early April) will pause today.
Net inflow of spot Bitcoin ETF funds. Source: SoSoValue
The liquidation heatmap from crypto analytics platform TheKingfisher shows that margin traders are heavily long, which could trigger liquidations if the price falls into the $109,000 to $107,000 range.
On the other hand, CoinGlass data suggests that if Bitcoin's price breaks the $110,000 resistance level, it could trigger a short squeeze, rapidly pushing the price up to $114,000.
CoinGlass BTC/USD liquidation chart: Source: CoinGlass
In terms of this week's purely technical price outlook, traders may be closely watching today's market to see if the upward momentum in futures and spot crypto exchanges will receive strong support from bullish funds after the stock market and traditional financial crypto markets open on March 27.
Current market conditions show that sell orders on the Coinbase Pro trading platform are concentrated at $114,000 and $119,000, while buy orders start from $104,000 and significantly increase as the price approaches the $102,000 to $100,000 range.
BTC/USD Coinbase 4-hour chart. Source: TRDR.io
Related: French blockchain group to purchase 590 bitcoins (BTC) after bond issuance
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Bulls Launch $110,000 Offensive on Memorial Day—Will Spot Follow When U.S. Markets Open?”
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