The analysis suggests that Bitcoin has established itself above a price channel but lacks confirmation of a major price top. Elliott Wave analysis raises caution, as a five-wave move to the upside from the 2022 low could be complete, prompting the possibility of a broader wave two correction down to $98,500. The current bounce could be a B-wave, finding resistance between $115,400 and $120,400. The VRVP indicator shows a spike around $118,000, but there's a vulnerable structure. A break above the 78.6% retracement indicates the bulls are strong, but unless Bitcoin breaks above $113,520, the structure remains vulnerable. A break below yesterday's low around $109,300 could signal a dive to the $106,500-$105,500 range.