The analysis focuses on Bitcoin's recent price action, noting a failed breakout attempt on a Monday morning above key resistance levels at 89,100 and 89,300, specifically the 30-day rolling VWAP and quarterly value area low. Following this failure, the price broke down below these critical thresholds. While initially, some lower timeframe absorption indicated spot buying against futures selling, this positive fundamental indicator did not sustain the upward momentum. Currently, order flow does not show significant positive absorption or imbalances. The Coinbase Bitcoin Premium Index is in a growing discount, suggesting increased selling pressure on Coinbase, which is deemed negative for price action. Given these factors, the short-term outlook for Bitcoin is bearish, with an anticipated move lower towards 86,500 to 86,000. Should this primary support fail, further downside targets are identified at 83,000 and subsequently 81,000, aligning with a previous year's value area high. The general direction is expected to be a downward movement. While the long-term outlook remains bullish, a short-term correction is expected.