Analyst: Bitcoin recently touched the upper channel, and the area around $110,700 has now become a resistance level

According to Jinse Finance, crypto analyst Ali has released a chart showing that Bitcoin (BTC) recently touched the upper boundary of its channel, which is located near $110,700 and has now become a resistance level. Several upper wicks have appeared at this price point, indicating that the price has encountered resistance and pulled back, increasing the risk of Bitcoin retracing to $107,200 or even $103,000.