The analyst discusses Bitcoin's recent price action, noting a rise to the 61.8% Fibonacci level following recent rate cuts. The analysis points out that the price came up to 1.382 Fibonacci extension in the last video, which has been reached after the rate cut, and then drops for the C wave. The support is around 112753 level and holding 61.8% fib. The analyst speculates on two scenarios: 1) forming a Wave 2, targeting a low no lower than 108808; or 2) forming an ABC pattern to move higher, though he thinks the former more likely. If Bitcoin loses 108808, it will take out the August 29th lows around 107253. A larger Fibonacci retracement from the April 7th low to the July 14th high puts support around the 38.2% level at 105291. The analyst also notes a linear fib that indicates 103 area for testing the inverted head and shoulder pattern. Analyst wants to see price holding above 108808, getting back above 113748 level in order to negate more downside. Analysis also mentions bearish sentiment based on classic bullish divergence and that the Stoch RSI is turning up from the lows and on the 12 hour it's at the bottom.