Bitcoin has experienced a significant pullback of approximately $11,000 after approaching the $98,000 region, which was anticipated as an area of increased risk, front-running the $100,000 psychological level. This price action has resulted in a cooling of momentum and an unwinding of market positioning, necessitating a reassessment of future price trajectory. Currently, Bitcoin is trading around $89,000, having retraced towards its yearly open at $87,500. For the immediate short-term, key local support is identified between $88,000 and $88,400, specifically a 0.618 to 0.65 Fibonacci retracement zone, which also aligns with an untapped daily level. A successful bounce from this region is anticipated, with a prerequisite for any significant upside being a clear reclaim of the $90,000 level, representing last week's low. Should this occur, the market could target the $94,000 to $95,000 range, comprising two weekly targets including a volume target and the average price from the previous week. This move, if triggered, represents a potential upside of approximately 7% from current levels. Conversely, a failure to hold the yearly open at $87,500 would invalidate the immediate bullish thesis for a bounce towards $94,000-$95,000. In a broader macro perspective, the $98,000 level is considered a local top. The prevailing thesis suggests a potential move lower to retest and take out lows below $80,000, specifically in the $78,000-$80,000 range, before a more substantial, multi-week to multi-month price recovery. This longer-term recovery could eventually lead to prices exceeding $100,000, mirroring historical price action patterns where liquidity is first swept on one side of a range before a sustained move in the opposite direction. Therefore, market participants should observe the $88,000-$87,000 support zone for a short-term bounce towards $90,000-$95,000, while remaining aware of the broader downside potential to the $78,000-$80,000 area before a more significant long-term rally materializes. Discipline in managing positions around these levels is paramount for navigating the market's evolving structure.