Bitcoin Faces Critical Support Near $110K as Net Taker Volume Signals Bearish Market Structure

I believe Bitcoin remains in a precarious position, trading just below the significant $115,000 mark and nearing a potential breakdown toward $110,000. After a period of bullish momentum that pushed BTC to new highs, the market sentiment has shifted to caution and fear. The euphoria that previously fueled aggressive buying has waned, giving way to increased selling pressure and more defensive trader positioning. Key data from CryptoQuant indicates that the futures market is leaning bearish, with elevated open interest but a net taker volume that shows sellers are increasingly aggressive and prioritizing execution speed over current prices. This signals a fragile market structure, vulnerable to negative catalysts. If adverse news or market shocks occur, a cascade of long liquidations could ensue, intensifying bearish momentum and potentially breaking below critical support levels. Despite some easing of bearish sentiment, as evidenced by the reduction in market structure weakness, the futures market remains delicate. Leading analyst Axel Adler highlights that although bearish pressure has slightly eased from a peak of –7.5% down to –5.2%, the underlying market remains susceptible to external shocks. The imbalance between aggressive sellers and passive buyers increases the risk of rapid liquidations, which could accelerate a downward spiral below the $100K psychological level if the market cannot stabilize. Currently, Bitcoin is trading at around $114,061, struggling to hold above the resistance level at $115,724. This area coincides with key moving averages acting as dynamic resistance, reinforcing the market's fragile nature. If Bitcoin fails to break through this resistance soon, a retest of support at $112,000— and possibly a move toward $110,000— appears likely, especially with the short-term momentum weak and market structure vulnerable to further downside moves.