Bitcoin Daily Market Analysis
Bitcoin broke through the key level of 98000 last night. This downward trend confirms the end of the five-wave upward structure that started from 57000. The market has now entered a retracement range, initiating an adjustment phase of a three-wave decline, marking the end of the first round of the upward trend, followed by a phase of oscillation and adjustment.
From a broader structural perspective, 108300 is the peak of this rally, and the loss of 98000 indicates that a correction has indeed started. In the short term, our focus is on the target level of 92000, which is currently the primary support level, and we estimate that there may be repeated scenarios of bulls and bears battling here. However, if the market continues to trend downward, the next target level will be within the range of 84000 to 85000, and it may even further explore the bottom within the 20% - 33% retracement range from the high of 108300.
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