Bitcoin Market Analysis: Wait-and-See Mode as Consolidation Continues
Bitcoin continues its sideways consolidation after a notable three-wave rally from the Wednesday low, peaking near $83,500. Currently, the price is undergoing a pullback, and the depth of this retracement holds significant importance.
Key micro support at $79,518 is still intact, which keeps the door open for one more potential high in wave C of four. However, unless Bitcoin completes five waves up, we can’t confirm a long-term low is in place. So far, we’re only seeing three waves — indicating uncertainty and the potential for further downside.
The structure of this rally isn’t impressive. Unlike a clean impulsive move, Bitcoin’s price action appears corrective and lacks strong momentum. Ethereum already shows signs of breaking support, adding pressure to overall sentiment.
Confirmation Levels to Watch:
A break below $79,518 (micro support) could indicate a local top has formed.
If Bitcoin makes one more high and then begins a deeper pullback, the structure of that move will be key.
The 78.6% Fibonacci retracement level will act as a critical pivot — separating bullish continuation from renewed bearish momentum.
If Bitcoin holds support and forms a higher low, there's potential for a rally toward the mid-$90K range. But if the corrective structure persists and support fails, we may revisit the $72K–$73K region.
Currently, the market stands at a “wait-and-see” point. For short-term traders, this zone offers a calculated risk-to-reward opportunity for one more upside push — but patience and precision are critical.
Conclusion:
We are still within a corrective structure. Until a clean five-wave move develops or strong support confirms, bulls and bears are nearly balanced. As always, proper risk management and trend confirmation are vital before taking action.
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