Bitcoin still feels not ready for prime time to me, given the fact that it closed below last month's close price (2 day basis on 15th August). We had an intraday closing below last month's close price again today. I would say it is just consolidating for the moment.
I still expect a bull trap around last month's open price and will look sell at this price until 8000 yearly pivot area. I will change my mind if we do exceed last months's open price on a daily basis during August.