Bitcoin has reached a new all-time high, trading near $112,000, as strong demand from exchange-traded funds (ETFs) overwhelms native crypto selling pressure. The market is divided, with some traders anticipating a pullback to $108,000, while others remain bullish due to the ETF's ability to absorb selling pressure. ETF purchases have completely absorbed major resistance levels between $110,000 and $112,000, surprising even bullish traders. Despite algorithmic trading systems maintaining short positions, the persistent ETF demand has created conditions for continued upward pressure. Short sellers are losing confidence, with $112,000 identified as a critical level before potential capitulation.