Bitcoin is experiencing downward pressure despite the decline in buyers

Open interest for Bitcoin is increasing despite the drop in its price, indicating that new short positions are being taken. The price of BTC has failed to exceed key levels, and the daily RSI stands at 43, indicating ongoing bearish momentum. Technical indicators suggest that unless the lows of August are firmly maintained, the price of BTC could drop to $112,000.

Meanwhile, trading volume has slightly decreased, reflecting market uncertainty and a neutral mood. The fear and greed index remains neutral at 50, highlighting uncertainty about whether this movement is temporary or marks the beginning of a deeper correction. Despite this, BTC bounced back to $119,350, with short sellers briefly returning to the market, pushing the long/short ratio