According to Miles Deutscher, BTC is structurally weak and has been trading within a downtrending channel since early July. Source: Miles Deutscher (X, Aug 20, 2025). According to Miles Deutscher, the MicroStrategy treasury bid—which he identifies as the main driver of BTC’s last rally—has significantly decreased in size and frequency, creating a demand void. Source: Miles Deutscher (X, Aug 20, 2025).