Current Market Position and Support Levels
Bitcoin is currently trading around the $93,000 mark, holding steadfast above a critical yellow trendline identified by analyst More Crypto Online. This support level, visible on daily charts, is a focal point amid broader market uncertainty, especially with U.S. stock markets closed for the Martin Luther King Jr. holiday, which has dampened potential volatility.
Elliott Wave Analysis
More Crypto Online, a respected Elliott Wave theorist, shared a detailed chart analysis highlighting Bitcoin’s position within a larger wave structure. According to the analysis, the cryptocurrency is navigating wave v, which is expected to manifest as an ABC corrective pattern. This follows a three-wave downward move that has not yet provided formal confirmation that wave iv has peaked. The analyst noted that the price is currently holding above the yellow trendline and anticipates that a break below the trendline is unlikely today due to the stock market closure.
Elliott Wave v Structure Details
Elliott Wave Theory, a popular technical analysis framework, posits that market prices unfold in repetitive wave patterns driven by investor psychology. In this context, wave iv represents a corrective phase following an impulsive advance, often characterized by complex retracements. The chart annotations reveal Fibonacci retracement levels—key ratios like 38.2%, 50%, and 61.8%—mapping potential support and resistance zones. Bitcoin’s recent dip from highs near $132,000 in late 2025 aligns with a broader B-wave support around $82,000-$87,000, while upside resistance clusters are observed at $96,000-$101,000.
This setup implies a period of consolidation, where Bitcoin could oscillate within a range before resolving higher or lower. Bulls remain hopeful that maintaining the trendline could propel wave v upward, potentially targeting $110,000 or beyond if bullish momentum returns. However, a break below this trendline could invalidate the optimistic count, inviting deeper corrections toward $78,000 or even $65,000, as indicated by extended Fibonacci extensions.
Bullish Resolution Path and Market Considerations
Market participants should monitor external factors, including macroeconomic indicators and regulatory developments. With Bitcoin’s halving cycles historically influencing long-term trends, this corrective phase might set the stage for the next parabolic run. Yet, as More Crypto Online cautions, resistance is "doing its job for now," urging caution amid the lack of confirmation.
Traders are advised to employ risk management strategies, such as stop-losses below key supports, while investors might view dips as accumulation opportunities. As the crypto market evolves, analyses like this underscore the importance of technical discipline in navigating Bitcoin’s waves.