Bitcoin is currently in a consolidation phase after a recent downtrend, with two potential scenarios: either a continued downtrend or a bounce to form a wave five. The current price is testing a resistance area between 78,952 and 79,998. A break above this resistance with increased volume could signal a bullish move. However, if the price fails to break through, it might retest lower support levels. The overall sentiment remains cautious, with the market looking for clear directional signals.