The analysis discusses Bitcoin's recent price action, noting downside pressure after encountering resistance in the red area. A reaction from the resistance area is expected, and the analysis points out a noticeable reaction so far. It reviews the current structure, that it is playing out nicely, the market could grind higher in the white scenario, but it is important to break above the resistance. The resistance area is viewed as a barrier, decision area, and pivot. Staying below this resistance increases the likelihood of the orange scenario. The rally might only be a three-wave move. The target price is 123070.10, fail price is 106249.60.