The analysis indicates Bitcoin is consolidating near the 61.8% Fibonacci retracement level at $116,930. Two scenarios are considered on the shorter timeframe chart. The key support is noted at $114,471, while resistance is present around $123,000-$124,000, suggesting a range-bound movement. The primary analysis suggests a five-wave move upwards as wave one, leading to a potential A-wave down, followed by a B-wave. The analyst suggest a target of 121450 as a good B-wave and holding support at 114471 as an ABC structure.A decisive break below $114,471 would invalidate the current bullish to range-bound outlook.