The analysis discusses Bitcoin's price action using Elliott Wave theory and Fibonacci levels on a daily timeframe. The price is currently respecting Fibonacci levels and is constrained by Fibonacci resistance near the 117,500 level, which aligns with the point of control around 118,000. The analyst notes that the recent rally was a three-wave move, indicating a potential B-wave completion. An orange scenario is presented, suggesting an ABC corrective structure with a C-wave target around 102,000 or lower, potentially testing moving averages near 96,000 to 95,000 which also aligns with 55 week EMA. The analyst emphasizes the need for a clear five-wave move down to confirm the C-wave decline. Without a five wave move lower, the price would invalidate the decline. Resistance is at the 116237 mark.