The technical outlook for Bitcoin remains bearish. On the daily chart, the BTC price has broken below the middle band of the Bollinger Bands and is moving toward the lower band, which is slightly widening, indicating an increase in bearish momentum. The daily MACD has formed a death cross and is widening, with the DIF line touching the zero axis, signaling a strengthening bearish trend.

On the 4-hour chart, after breaking below the lower band of the Bollinger Bands, there was a volume-reduced rebound, but both the upper and lower bands are widening downward. The MACD has formed a death cross below the zero axis but is narrowing (not a golden cross), suggesting a possible oversold rebound in the short term, but the rebound strength is limited.

In the short term, BTC is likely to oscillate bearishly in the $111,000–$114,500 range. If it breaks below $111,000, it may quickly test $108,000 and $105,000; the resistance levels for a rebound above are $114,500 and $117,500.

From the current market-impacting events, the Federal Reserve's Jackson Hole meeting will be held from August 22–24. If Chairman Powell delivers hawkish signals (such as delaying interest rate cuts), it may suppress Bitcoin and lead the market to continue declining.

Whale addresses (holding 1,000–10,000 BTC) continue to decrease, indicating significant selling pressure. Although institutions like Metaplanet are buying the dips, they are struggling to counter the selling pressure in the short term.