Bitcoin (BTC) needs to maintain the $114,000 level to regain investor confidence and attract new liquidity. The current trading range of $110,000-$116,000 threatens to stall the rally, with different investor cohorts shaping price action. Institutional demand has slowed, making derivatives markets more important for price formation. Reclaiming $114,000 is crucial for profitability and attracting institutional capital. Failure to hold this level could result in renewed pressure on short-term holders.

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