Looks like a breakdown of a falling wedge pattern in BTC chart. However, the on-chain metrics tell us a very different story in terms of Bitcoin's current state.
According to on-chain data, as of last week, there are 47.87m addresses with a balance in Bitcoin network. This obviously excludes user balances on centralised exchanges. It is constantly increasing and is showing a very steady growth over the years.
Also the mining difficulty is increasing along with the hash rate, floting in all time high zones still:
30-Day High 446.96m TH/s as of Aug 15 2023.
In the last 90 days, miner outflows have reduced by -40%
Obviously, we can't purely rely on this data and therefore we look at chart patterns and technical chart indicators; and on that front, things are not looking very bright.
There is weak support levels on the price, volumes are down, RSI is not looking good and there is very low volatility.
We can only expect lower price levels with such charting; but it could all change with positive news from ETF decision. Lets wait and see if this becomes a bear trap or a lower low in the coming weeks.