The analysis suggests that Bitcoin is in a weak position, with the possibility of further downside. While a short-term bounce is possible, the current trend indicates a bearish outlook. The key resistance level to watch for a potential reversal is around 70,000 to 72,000, with support below 64,000 invalidating the bullish scenario. The 15-minute chart indicates a need for a 5-wave upward move to signal a potential bottom, but so far, the price action has not confirmed this.