Bitcoin’s Elliott Wave Pattern Signals Key Resistance and Support at $98K

• Bitcoin’s correction holds, with experts watching $98K resistance and support at $72K and $63K for signs of the next move.
• A WXY pattern is forming, signaling extended consolidation before Bitcoin’s next breakout or deeper decline.
• Market inefficiencies hint at short-term rallies, but another drop could follow if Bitcoin fails to break key resistance.

Bitcoin’s price action remains within a corrective phase, with ongoing market inefficiencies shaping short-term projections. Analysts apply Elliott Wave Theory and Fibonacci retracement levels to determine crucial price points and trend movements.

Market Structure and Key Levels

Bitcoin currently trades at $82,414.19 after a retracement from previous highs. XForceGlobal analyzes price action, identifying inefficiencies in lower timeframes, with a diagonal pattern forming. In the analysis, Fibonacci levels indicate support at $72,000 and $63,150, aligning with past price reactions. Resistance remains near $94,000, where prior corrective movements faced rejection.

XForceGlobal refines market structure using Elliott Wave analysis, outlining two primary corrective scenarios. The analysis points to an expanded flat formation within wave X, influencing price behavior. A symmetrical triangle also remains a possibility, extending the correction. This prolonged phase could shift capital toward altcoins.

Elliott Wave and Resistance Levels

Bitcoin previously completed a five-wave impulse move before entering an extended corrective phase. XForceGlobal examines Fibonacci extension levels, identifying the 123.6% retracement zone as key support. The ongoing WXY structure suggests continued consolidation before a decisive move.

According to XForceGlobal analysis, Bitcoin price is downtrending, forming lower highs and lower lows. Support at $98,000 is critical, and analysts emphasize breaking higher failing is poised to set more decline. XForceGlobal notes possible short-term break to $92,000–$96,000 before crashing again.

Market Projections and Future Scenarios

Short-term expectations suggest continued consolidation before the next major move. XForceGlobal projects that if Bitcoin fails to reclaim resistance zones, bearish momentum could extend. Fibonacci and wave structures indicate possible declines toward historical support. Analysts monitor price reactions to determine market direction.

Tracking price movements, XForceGlobal shows that Bitcoin’s price movements align with Elliott Wave patterns, shaping short-term expectations. Support and resistance levels continue defining market trends as traders assess potential breakout opportunities based on historical behavior.