#BTCWhalesMoveToETH Why did the price of Bitcoin fall?

Another factor that helped to intensify selling pressure was the speech of the Federal Reserve Chairman, Jerome Powell, during the Jackson Hole symposium on August 24.

Initially, Powell's statements triggered a 7% rebound in cryptocurrencies, as he expressed concern about the slowdown in the labor market. That softer tone was interpreted as a possible signal for interest rate cuts in September.

However, the market read that movement as a reflection of economic fragility, resulting in risk aversion in the following days. The result was a reversal of 4.5% over the weekend.

Currently, the CME FedWatch Tool indicates an 87.3% probability of a rate cut. Historically, this type of environment tends to bring high volatility for Bitcoin and other crypto assets.

With this, investors' attention turns to the FOMC meeting scheduled for September 12 and 13, which will define the next steps in monetary policy. Until then, uncertainties continue to influence buying and selling decisions in the sector.

Break of technical supports reinforces the bearish scenario

Bitcoin also faced a break of important technical barriers. The price fell below the 30-day simple moving average, which was at $116,519, and also lost the pivot point of $113,378. Indicators such as MACD and RSI point to a trend of weakness. The RSI, for example, retreated to 40.72, confirming the loss of buying strength.

These technical breaks often serve as triggers for trading algorithms and quantitative funds, which intensify sell orders when prices fall below critical levels.

The next relevant support appears at $111,060, which was already tested on August 25. If Bitcoin fails to hold that level, analysts assess that the price may seek the region of $107,000.