The analysis indicates that Bitcoin is currently trading sideways. The presenter identifies a potential B wave formation, which is characterized as messy and difficult to trade. The resistance area is defined between $115,425 and $120,400. The analysis suggests that the price could either move directly to a new high or form a broader correction. Should a correction occur, the zone around $90,570, specifically the golden ratio or the 50% retracement of the larger rally that started in April, could act as a support level. A lower support at $96,000 is mentioned as a potential support level.