The analyst provides an update on Bitcoin, revisiting a previous analysis where a key support level was identified, based on swing highs from December 2024 and January 2025. The current downside movement is considered a retest of the reclaimed level from July. Key Fibonacci support levels are noted between $112,954 and $101,569, with a specific level at $106,509. He currently views this as wave 4, and is between extending into a larger correction. The analysis points out that there is support but does not fully trust the bounce with a corrective bounce, a look into smaller timeframes is needed. A 'major top' is stated to have been formed, as the wave structure to the upside is technically complete. Further confirmation will require a break of the 101569 support level. The video then transitions to discuss an initiative by Bybit, a trading competition, ending in 11-12 hours from the recording time.