The analyst discusses Bitcoin's price action on the daily timeframe, noting it bounced off the 55-week exponential moving average around 99235. He mentions short term, the market is in observation mode. He points out the importance of a break above 105000, which would signal a move beyond Fibonacci resistance and structural resistance, potentially leading to all-time highs. The next level to watch if 105000 breaks is the swing high from November 2nd around 111200. Until a break above 105000 occurs, the market may remain range-bound with downward pressure. Key support areas include 98000 to 99000. A five-wave move up or a break above 105000 is needed to indicate a meaningful low has formed.