$BTC

Earlier today, Bitcoin appeared to be on the verge of entering a bearish third wave. For a moment, the price appeared to be trying to form a larger second wave, but the failure to achieve this formation suggests that the downside could extend deeper.

Currently, the short-term bearish bias could extend towards the $80,000 area. However, if the bulls manage to push the price above the $95,400 level, it could signal the development of a larger second wave, which could change the overall outlook.

For now, the bearish pressure remains strong. I will continue to watch the lower prices unless there is a clear break above resistance with a five-wave structure, which would indicate a possible change in momentum