Bitcoin is back above $112,000, but the analysis suggests it's still in a correction phase. There's slight upside potential, with the market possibly moving up to form a larger corrective rally. Details are available on smaller timeframes. The price is holding support above the 2024 and 2025 swing highs, around $109,200, which is not considered bearish. It's holding above Fibonacci support, indicating the market has time and room to correct. The zone highlighted on the chart is where the price ideally would find support in wave four, potentially starting a fifth wave to the upside. The analysis suggests that the failure point would be $109200 which is calculated from the swing highs of the 2024 and 2025.