The current market data clearly shows that short positions dominate. BTC has plummeted over 3000 points after being pressured at the key resistance level of 110500, fully validating the effectiveness of the pressure at this level, and the depth pullback has severely weakened long positions' momentum.

Although the price has temporarily found support at 107400 and rebounded to 107800, the rebound magnitude is less than one-tenth of the decline, and this weak rebound pattern is a typical downward continuation signal, indicating that the buying power is weak and it is difficult to change the short-term downward trend.

The market should focus on the support level of 107400; if it is effectively broken down, it will confirm the continuation of the downtrend. Any rebound towards the vicinity of 109000 can be seen as a better opportunity to enter short positions, with the next target pointing to the range of 105000-106000. #ETH反弹在即？