The Bitcoin price has recently dropped below the $116,000 threshold, facing pressure from short-term holders who are selling at a loss. Analysis suggests that this decline may prove challenging for bears to overcome. The cryptocurrency has retraced 7.6% since reaching its record high of $24,500 last week. CryptoQuant data reveals that over 20,000 BTC held by short-term holders (STHs) have moved to exchanges at a loss over the past few days. This selling activity coincides with a 3.5% drop in Bitcoin’s price to $114,400 from $118,600 within two days. The market’s volatility is amplified by concerns about investor behavior and uncertainties surrounding a potential speech from Fed Chair Jerome Powell at the Jackson Hole meeting.