The analysis indicates BTCUSD is in a difficult, uncertain situation in the short term, but remains bullish on a larger timeframe, holding above the 55-week exponential moving average. The market could grind higher to a 130k level but the door remains open to a test to a lower level. There is not enough structure to confirm an uptrend and the analysis suggests a sideways corrective pattern for Wave 4. The June low is located around $98600. A 5-wave move down could be first warning that a more substantial top has formed. The market is around $110000 and is expected to reach to 117600, but if price dips to 98000 then the analysis would be invalidated.