$110000: The Key Battlefield of Long Short Battle Every key price point of Bitcoin has become particularly important. $110000 has become a key battlefield in the current market structure, with a large number of sell orders gathering around this price range. The orders for Binance perpetual contracts show that sell orders are significantly more than buy orders, and short positions are accumulating. Structurally, there is room for explosive upward movement, but a severe pullback may occur at any time. In depth analysis of market data can reveal more details. The 24-hour trading volume of Bitcoin surged by 34.67% to $66.9 billion, indicating a significant increase in market activity. More noteworthy is that the open interest contracts in the futures market increased by 11.18%, reaching a total of $79.84 billion, indicating that a large amount of funds are betting on the future trend of Bitcoin. However, a phenomenon worth noting is the participation of retail investors. When Bitcoin approached its historical high, the trading volume of retail investors accounted for only 3.2% of the total. This is in stark contrast to the 30% in December 2024. This difference may mean that the current rise is mainly driven by institutional funds, while individual investors are either holding their money and watching, or have already left. The probability of Bitcoin breaking through $110000 by the end of May is as high as 89%. The probability of reaching $115000 and $125000 by the end of May is 37% and 5%, respectively. As for the possibility of breaking through $150000 or $200000, the current assessment given by traders is only around 1%, which reflects the market's cautious attitude towards higher prices. BTC