Overview

• Bitcoin has dropped about 8% from its August 14 record near $124,000, slipping below $115,000 with lows around $114,500 and fresh tests toward $113,000 today.
• Roughly $961 million in leveraged positions were liquidated during the initial break—mostly longs—as futures sentiment fell to 36% and elevated open interest left scope for further deleveraging.
• Binance flow gauges flagged weakening demand before the sell-off, with the exchange’s Buying Power Ratio flipping from 2.01 to -0.81 within 48 hours.
• On-chain indicators signal accumulation, with 30‑day exchange net outflows deepening from about -1.7k to -3.4k BTC per day and a decline in 30‑day Coin Days Destroyed as older coins stay parked.
• Traders are watching support at $112,000–$110,000 into Powell’s speech, with analysts split between a brief reset and rebound or a deeper 15%–25% pullback if those levels give way.