- Bitcoin extends recovery as traders watch the $75K-$80K range for price direction.
- A Gemini poll gives Bitcoin a 24% chance of breaking $90K in May amid market debate.
- Iran talks and EU tariffs pressure markets as Bitcoin holds gains near key levels.
Bitcoin extended its recent recovery after breaking out of a multi-month downtrend. Traders watched whether BTC could clear a key resistance zone. The move followed an early-year selloff and brought May price targets back into market focus.
As of press time, Bitcoin is trading at $78,500, up around 3% over the past day. BTC had earlier found support near $75,000, a level it had struggled to clear before Wednesday. Since April 19, Bitcoin has remained between $75,000 and $80,000, making that range the main zone traders are watching for the next price signal.
Gemini Poll Puts $90K Bitcoin Target in Focus
In an X post, Gemini added to the discussion with a prediction poll asking “What price will Bitcoin hit in May.?” According to the poll, traders assigned a 24% chance to Bitcoin breaking $90,000 during the month.
The poll also showed a 49% chance of Bitcoin reaching $85,000 or above. However, the chance of BTC falling to $72,500 or below stood at 58%. However, Gemini co-founder Tyler Winklevoss appeared to hint at a possible $90,000 Bitcoin price in May.
However, the current setup leaves Bitcoin at an important short-term point. A move above the $75,000 to $80,000 range could support the case for further gains. A failure to hold support may weaken the recovery and bring lower price levels back into focus.
Iran Talks, EU Tariffs Weigh on Bitcoin
Macroeconomic developments also shaped trading conditions. CNBC reported that Iran sent an updated peace proposal to mediators in Pakistan. The proposal came during weeks of talks over ceasefire terms, sanctions relief, and control of the Strait of Hormuz.
Oil prices edged lower after the report. That eased one of the main macro pressures that had weighed on crypto and equity markets during the week.
Uncertainty remained elevated after U.S. President Donald Trump expressed dissatisfaction with Iran’s latest proposal. He said the Strait of Hormuz remained shut under a U.S. blockade.
Trump said the United States had two options on Iran. He said Washington could either strike Iran or make a deal. His remarks kept geopolitical risk in focus despite the latest diplomatic signal.
However, Trump unveiled fresh tariffs targeting cars and trucks imported from the European Union. He said the tariff rate would rise to 25% next week, citing the EU’s failure to comply with its U.S. trade deal.
Trump added that there would be no tariff if the EU produced those vehicles in the United States. Bitcoin briefly pulled back after the tariff announcement. However, it remained higher on the day as traders continued to focus on renewed U.S.-Iran talks.
Related: Bitcoin Could Climb Higher as ETF Flows Turn Positive: Van de Poppe
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