The analysis focuses on Bitcoin's price action on the daily chart, noting that the price is retesting a trendline from above. A strong reaction from this point could indicate the start of the next upward leg. The analyst is keeping the door open for higher prices and requires a reaction in the current area, and identifies a potential target area around $118,000, based on the point of control and Fibonacci resistance, which could act as a magnet. The price is holding the upper support area on the daily chart, with the market potentially caught in a correction, regardless of upward movement, given a corrective rally. There is no current evidence for a bear market as long as structure is still held, based on the identified potential ABC corrective structure, and further increase probability from declining towards 105K-101K. An hourly chart shows resistance zone around $112,170; a pullback into Fibonacci support, may show an A wave upward; B wave pullback; followed by a C wave up.