The global crypto market is beginning to recover, rising slightly to a total valuation of $2.95 trillion, up 2.84% in the past 24 hours. Bitcoin has joined the move, climbing more than 3% and trading around $86,395.
Based on the current Elliott Wave structure shared by an analyst, Bitcoin’s latest price movement resembles a wave-four bounce. Analysts had earlier highlighted the possibility of a five-wave move upward followed by a correction, and the chart appears to be following that exact path.
Bitcoin recently created a small five-wave push to the upside, pulled back into support, and may now be forming the next leg within a broader ABC corrective pattern. If this plays out, BTC could rise toward $88,640, which aligns with the 100% Fibonacci extension level. The concern is that weekend moves are historically unreliable and can quickly reverse due to low trading volume.
Bitcoin is now moving away from support and toward resistance, a point where the market becomes more fragile. The key support area between $81,620 and $83,640 is still holding strong, and as long as BTC stays above it, the upward structure remains intact. A dip into this zone would not break the pattern.
The immediate resistance sits around $86,370, where Bitcoin is already facing pressure. Even a temporary break above this level could fail if strong buying volume does not appear. The short-term outlook weakens if BTC falls below $84,230, the recent swing low.
Bitcoin is approaching a much larger resistance region between $92,820 and $111,180. This zone is significant because it is the expected destination for a wave-four recovery.
BTC could spend the next week or two slowly moving in this direction. The most likely path involves a three-wave A-move upward, followed by a B-wave pullback and a final C-wave bounce toward the major resistance area. This structure fits with the broader corrective phase Bitcoin has been navigating.
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