Bitcoin experienced a significant bounce back, hitting $117,300 following positive comments from the Jackson Hole symposium, but quickly fell to $110,600 due to bearish trends. Onchain data suggests that $105,000 is a crucial support level, as distribution amongst holders—particularly in the 10–100 BTC range—is evident. Smaller holders (0–1 BTC) continue to buy, while larger holders above 1,000 BTC are selling, indicating a mixed behavior among wallets. If Bitcoin falls below $105,000, it may descend toward $92,000 due to a lack of support between these levels. The current pullback correlates with Bitcoin's historical performance during August-September, which often sees declines, and is compounded by diminishing enthusiasm for spot Bitcoin ETFs. Analyst insights suggest that the recent Bitcoin rally may be tied more to a weakening US dollar rather than increased organic demand.

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