Bitcoin had a strong start to the trading week as rate cut expectations for September hit 85 percent and the S&P 500 had its best day since May.
The price has started to slip away from the 115,000 level so far today, however, a clean breach of the 114,000 support level is needed to increase sell-side pressure.
Based on order book data, it is still entirely possible that $BTC pushes towards the 116,000 level before a decisive move really takes place.
- Pattern Play -
One thing I do want to note is that a bearish Wyckoff Distribution pattern appears to have been silently forming over recent days.
So far the pattern has been playing out textbook perfectly, even down to yesterday's low-volume retest of the initial breakout area. Should this pattern play out fully, then a large downleg is the next step, which could see Bitcoin fall under 111,000.
