Bitcoin Market Update: The price of Bitcoin hovers just above the 61.8% retracement level, with two bullish scenarios still in place. The larger trend remains bullish, and there is no confirmed top yet. On a macro level, we are likely in the final stages of the rise that started in 2022. Major support: 114,471. Staying above this level maintains the possibility of rising towards 130,000. ⚠️ Risk factors: A clear move downwards in five waves + a three-wave rejection bounce at the resistance (119,838 – 123,300) may indicate a top. Losing support could lead to a broader correction, possibly reaching 98,000 to 85,000 in the long term. 🎯 Levels to watch: Upside: 123,760 → 127,400 → 130,000 Support: 116,930 (short-term), 114,471 (major) 💡 Institutions do not "drive prices up". Their limit orders add liquidity, but volatility increases with the decline of available Bitcoin. 👉 As long as support remains intact, the bias remains bullish. We are anticipating a healthy bounce for wave B in the short term.
In my personal opinion, Bitcoin is closer to a new bullish top, possibly touching 125K or even more.