The global cryptocurrency market is starting to recover, with the total valuation increasing slightly, increasing by 2.84% in the past 24 hours to reach $2.95 trillion. Bitcoin joined in the movement, rising more than 3% and trading around $86,395.
Bitcoin shows expected rebound: But is it a true reversal?
Based on the current Elliott Wave structure shared by analysts, Bitcoin’s latest price movement resembles a fourth-wave pullback. Analysts have previously highlighted the possibility of a correction following the wave 5 rally, and the chart appears to be heading down that path.
Bitcoin recently formed a small 5-wave push to the upside, pulled back toward support, and may now be forming the next leg within a broader ABC correction pattern. If this happens, BTC could rise towards $88,640, which coincides with the 100% Fibonacci extension level. The concern is that weekend price movements have historically been unreliable and could quickly reverse due to low trading volume.
Support and resistance: Bitcoin enters vulnerable zone
Bitcoin is currently moving from support to resistance, a point where the market becomes more vulnerable. The major support area between $81,620 and $83,640 remains solid, and as long as BTC remains above it, the upward structure will remain intact. Even if it falls into this zone, the pattern will not break.
Bitcoin is already facing pressure, with immediate resistance near $86,370. Even a temporary break above this level may fail if strong buying volume does not emerge. The near-term outlook weakens if BTC falls below its recent low of $84,230.
The big picture: BTC could target $92,000-111,000 in coming weeks
Bitcoin is approaching a much larger resistance area between $92,820 and $111,180. This zone is important as it is the expected destination of the fourth wave recovery.
BTC is likely to move slowly in this direction over the next week or two. The most likely path involves three waves of A rising, followed by a return of B waves, and a final C wave rebounding toward a major area of resistance. This structure fits into the broader correction phase Bitcoin has been through.
