Bitcoin Price Pulls Back but Bullish Scenario Remains Alive

Bitcoin's price surged to $81,330 on August 28 after holding above the prior $64,402 level. According to FX Empire's analysis, the subsequent pullback was corrective rather than a trend reversal.

The key support level for this bullish Elliott Wave case is $72,994. A sustained break below that level would weaken the fifth-wave setup and raise the risk that the rally from the August low has already completed.

FX Empire's analysis tracks five smaller waves within a larger structure it calls green wave 1. The ideal completion zone near $90,000 is an analytical target within this framework.