Trading at#BTC at $113,570, down from#ATH the $124,457 on August 17

The price is trading below the key support level of $115,282, with resistance at $116,980

The 200-day moving average ($100,000) provides crucial long-term support

Market sentiment remains 62% positive despite the recent pullback and outflow of $121 million from flows#ETF

Effects of Powell's speech

The Federal Reserve Chairman speaks at the Jackson Hole Economic Symposium on August 22

The market expects a 25 basis point rate cut in September; Powell's comments will confirm or contradict this view

Comments that are dovish may reactivate Bitcoin's momentum as a hedge against inflation

A firm stance may accelerate the current correction towards the level of $110,000

A long-short ratio of 73% indicates the potential for significant liquidation events after the speech

Trading strategies

Watch for a price breakout above $116,980 (positive signal) or continued trading below $115,000 (negative signal)

Strategic entries near the 200-day moving average present low-risk opportunities if the correction deepens

Monitor ETF flows as a key indicator of institutional sentiment

Option traders: Focus on the potential for covering pressures (gamma squeezes) in the range of $113,500 - $115,282

BTCFi's expansion of DeFi provides a fundamental balance against technical selling pressures#Binance $BTC