Bitcoin is ending August with uncertainty as it approaches multi-week lows near $110,000. A significant long liquidation event and the emergence of a CME gap have amplified concerns among traders. Whales are increasingly converting BTC to ETH, raising questions about market strength, as smaller holders continue accumulating Bitcoin. Recent price action suggests that discussions around a potential bull market end are growing, with mixed sentiment about the future of BTC prices. Analysts note a possible retest of the $100,000 level, driven by recent sales from large holders. The upcoming release of the Fed's preferred inflation gauge could influence market reactions, particularly amid fluctuating expectations around interest rate cuts. Some traders are bearish, citing patterns indicating a market correction, while others believe that whale distribution is occurring at healthy levels. Overall, while traditional traders express caution, some on-chain metrics reflect hope among smaller investors, although the market remains poised for volatility based on external economic factors.

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