⚠️⚠️⚠️⚠️The morning begins with pressure on the market: $BTC could not hold above the lower boundary of the sideways range and today updated the minimum at 114,381

The background remains negative:

— Inflation data has intensified doubts about an imminent rate cut by the Fed (the chances for September decreased from 90% to 80%). Everyone is waiting for Powell's speech on Friday.

— For the second day in a row, strong outflows from spot BTC and $ETH are being recorded.

Technical picture:

On the 4h timeframe, BTC is moving in a descending order flow, testing zones of inefficiency. From the formed BPR, we consider a short with a target at 111,920.

Alternative scenario: holding above 116,980 on the 4h will become a signal for a reversal and open the way for longs.

What do you think, will we see another update of the minimums or are we preparing the ground for a reversal?