The analysis indicates Bitcoin is currently within a defined local range. The market is above a support zone, which extends down to $116,930. The analysis also references a CME gap that has recently been closed. Two scenarios are considered: a B wave bounce into resistance levels at $119,838, $120,641, $121,448, and $122,607, followed by a C wave decline, or continued upward movement if support holds. Key resistance is noted starting at 119838. The analyst does not expect a cycle top to be in place currently as there is no five-wave move down or break of a previous swing low. If a five-wave move down does occur, particularly breaking below $112k, the analyst will change their bullish stance.