The analysis reviews Bitcoin's price action, noting a retest of support near $11,246, followed by a bounce to just over 2%. A previous long position taken around $111,400 resulted in a loss, and a re-entry long position was considered around $111,057. The analyst is only interested in long positions. A key 1-hour imbalance is noted around $112,400. The current strategy is based on staying above $107,500 to maintain potential upward bounces. A lower hourly order block is identified at $109,600 where he will open a long position with potential target near $118,000 point of control.