Bitcoin reached a historical high of 124,000 on August 14, and within a week it dropped to 11.2–11.3 w, which is a 10% retracement. This kind of trend of 'immediately discounting after a new high' is a typical 'bull exhaustion' signal in the eyes of technical analysts — unable to rise further, it naturally falls easily.
The technical chart shows a 'Evening Star' pattern (first a long bullish candle, then a doji, and finally a bearish candle) appearing on the daily K-line, combined with the bearish arrangement of moving averages. In simple terms, it is the 'short-term trend reversal three-piece set'. Moreover, with the trading volume continuing to shrink — no one chases when it rises, and no one catches when it falls — it indicates that market interest is cooling, making it easier for prices to test lower levels.
Short-term bears believe: 115,000 and 116,000 are the short-term ceilings, and the first target going lower is 108,000. If it cannot hold, it might drop to the round number of 100,000!
Personal trading advice: consider opening short positions at the rebound levels of 113,800—114,500, with short-term targets of 111,200, 110,000, and 108,000! $BTC