The analysis indicates a bearish sentiment for Bitcoin (BTCUSD) with a potential test of 110,000 and further decline to 108,500 is expected. Rejection at the 0.618 Fib level suggests a weakening bullish scenario. A rejection at 117,500, a 618 Fib level resistance, implies a bearish bias for Bitcoin into the end of September. Daily price action statistics highlight Tuesday as typically showing losses. The analyst expects Bitcoin to trade sideways to down. For short-term scalpers, bounces at the lower daily range (around 110,000) and pullbacks from 115,000 are expected, but the second test of the support at 111,000 is not recommended as a buy. According to moon phase indicator bearish moon triggered downside pressure is likely. Weekly CME chart notes bitcoin failed to close above the HPR median of 116,500, suggesting a bearish continuation. The next target is set to first test the early September low, before heading to 108,500.