Bitcoin hit a key support level of 110700 yesterday, attracting market attention. Data shows that a large number of short positions chose to take profit around 1107, while some long positions entered near 110800. From the 12-hour chart, the price has pulled back to the middle band of the Bollinger Bands, displaying a typical technical pattern.

If the price can hold the key support level of 110700 today, Bitcoin is still expected to challenge the important resistance level of 113110 again. If it can break through this resistance level and the 3-day moving average, we may see the price rise further to the range of 117500-119000.

It is worth noting that market sentiment seems to be turning positive, but investors still need to remain cautious. The effectiveness of the support level and the ability to break through resistance will be key factors in determining the trend in the short term. Additionally, changes in the global macroeconomic environment and regulatory policies may also have a significant impact on Bitcoin prices.

Overall, the current Bitcoin market presents a potential upward opportunity, but it also faces uncertainties. Investors should closely monitor changes in key price levels and combine them with other technical indicators and fundamental factors to develop trading strategies.