The analysis reviews Bitcoin's recent bearish trend, noting a grind down from a high of 124,000, which was marked by a bearish divergence. Attention is given to a major Jerome Powell speech and it's potential effect on the market. The consensus expectation for rate cuts has shifted from three to two for the December meeting. There's uncertainty of a rate cut in September. It is expected that Bitcoin will hold the support level at 110,000, where there is a major support level and a fair value gap to fill. Despite recent stability on lower timeframes, the market might drop to fill the gap. The anticipated price action involves a drop to 110,000, followed by an uptrend back to 118,000.