The analysis indicates that Bitcoin is currently under pressure. The analyst has not seen a five-wave move up, but something that looks like a five-wave decline. The focus remains on lower prices in the short term. Although the market is getting oversold on lower timeframes, the nature of the next smaller bounce will indicate whether the market will spend some time in a correction over the next few weeks, or if it is attempting a larger recovery rally. The analyst suggests that Bitcoin is in a broader range and still sees two pathways as likely options.