The analysis indicates Bitcoin remains under pressure, noting a slight bounce due to oversold Relative Strength Index conditions. Attention is directed to the reaction of the market to the futures market opening. A bounce was anticipated around the 61.8% Fibonacci level near $111,207. It's argued that the market has only broken first micro support levels around $113,000, and it's not even a decisive break. A decisive break is defined by a further low and consolidation. The speaker argues that a new high needs to be sustained above the 61.8% level ($116,220) to confirm that the low is a confirmed bottom. The current pullback is considered a three wave corrective, so the analysis keeps the door open for higher prices but also recognize that it might drop.