Bitcoin Nearing Critical Support Level as Long Liquidations Clear

I believe that Bitcoin has recently dropped to a critical support level, with long liquidations concentrated within the 115,000 to 112,000 USD range. The recent decline has liquidated approximately 80% of these long positions. If a spike occurs around the 112,000 USD level, it could clear all remaining liquidations, indicating a potential shift or continuation in trend. Another liquidation zone appears to be between 108,000 and 105,000 USD, but given the current upward trend, it is more logical to expect some reaction from long liquidations as the price approaches these levels. However, if we do not see any rebound from the 112,000 USD level despite all long liquidations being cleared, it could signal a weakening trend, suggesting that the bullish momentum is losing strength. Therefore, maintaining the 112,000 USD support level is crucial. Protecting this zone and clearing out remaining liquidations in this range could trigger a bullish bounce. Moreover, this level acts as a key support point for the short-term upward trend; hence, its preservation is of extra significance. In my opinion, closely monitoring price action around this support zone will provide valuable clues on the future trajectory of Bitcoin, especially concerning whether the bullish trend can sustain or if a reversal is imminent.