$BTC 1.13 Bitcoin Price Today: From an overall structural perspective, Bitcoin's recent decline from around 126,000 down to about 80,000 has completed a W wave pattern. It is currently not in a main downtrend, but rather oscillating within a larger X wave correction.

This position is exactly within the X wave, in the middle of a broad consolidation zone during a downward correction. This is also why the market is so chaotic and difficult to trade.

The correct understanding of Bitcoin now is that it is neither in a trending uptrend nor has a main downtrend started; instead, it is in a consolidation phase that must be endured. If you are trading based on structure and rhythm, be patient at this level, wait for the structure to complete before taking action.

In summary, the small structure of Bitcoin still suggests a sideways consolidation followed by a decline.