Bitcoin faced a setback as it was rejected from the $110,000 mark for the third time since its May all-time high. This failure to regain support coincided with stronger-than-expected U.S. employment data, raising doubts about BTC's ability to enter a new price discovery. Historically, multiple rejections at previous highs have resulted in significant price drops, suggesting that BTC could fall 14-18% from its current price of around $109,100. Key indicators, such as a declining relative strength index and increased sell volume near $110,000, point toward potential profit-taking and hesitation among traders. Should BTC fail to hold critical support levels, significant price clusters exist around $108,000 and $105,200. Analyst KillaXBT hinted that a deeper correction is possible, yet emphasized that maintaining support in the indicated zones could lead to a rally towards new all-time highs. A notable liquidity cluster suggests that if current resistance levels are breached, there could be a short squeeze driving prices toward $114,000. Investors are advised to monitor these developments closely while acknowledging the inherent risks.

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