The analysis examines Bitcoin's price action, noting it hasn't bounced to the 0.236 Fibonacci retracement level. It suggests a potential bounce might occur, but exceeding $95,000 is needed to argue a bottom. If the price continues downward without a bounce, support levels around $78,000 and $74,000 are identified. Remaining below $87,000 to $89,000 suggests a bearish trend, and below $95,000 maintains this outlook. Breaking $78,000 and $74,000 confirms a further move downside. On a macro scale, Bitcoin has broken the bull market super trend, potentially indicating a bear market lasting over the next 12 months, with possible decline to the $50,000-$40,000 range.