- Bitcoin bounced off a key trendline; staying above it could signal a healthy rebound toward $90K–$106K.
- Analyst Oren Elbaz warns Bitcoin risks falling to $70K amid silver’s surge and liquidity shifts.
- Europe sees steady crypto growth; 9% of eurozone adults own digital assets, with awareness above 90%.
Bitcoin is standing at a make-or-break moment. The cryptocurrency recently rebounded off a trendline that once blocked its gains, signaling it might now serve as a solid floor. This move could determine whether Bitcoin continues climbing or faces a sharper pullback.
According to analyst Dami-Defi, “$BTC chart is showing us that the yellow was a ceiling that price couldn’t break above it. Now it’s acting like a floor and price is bouncing off it.” He emphasizes that staying above this line could indicate a healthy pullback, with potential targets at $90.5K, $98K, and $106K. Conversely, falling below could push the price toward $72K.
However, not all analysts share this optimistic view. Oren Elbaz highlights the risks, stating, “Bitcoin is now in critical condition. It has lost its primary rising trend line (blue), and as I warned a week ago, it’s encountering some heavy resistance at its falling trend line (black).”
He predicts a possible decline to $70K, citing that the surge in precious metals, particularly silver, may be drawing liquidity away from cryptocurrencies. Hence, Bitcoin’s trajectory remains under intense scrutiny.
Traders Face Volatile Ranges
According to crypto strategist Guru, the current Bitcoin range is testing traders’ patience. He warns, “Everyone’s forcing leverage, chasing noise, pretending they ‘see’ a breakout. That’s exactly how ranges liquidate accounts.”
Guru explains that the market is merely building liquidity and accumulating or distributing positions. Consequently, he advises patience and capital protection, reiterating that the long-term plan remains unchanged with a $96K target. Moreover, this period is not about being right every trade but about survival in volatile conditions.
Crypto Adoption in Europe Continues to Rise
On the other hand, the adoption of cryptos in Europe continues to experience steady growth despite the recent volatility in the market. According to a Euro News report, more than 90% of the adult population in large European economies is familiar with cryptos. A study conducted by the European Central Bank shows that 9% of the adult population of the euro zone owned cryptos by the year 2024.
Ownership ranges from a low of 6% in both Netherlands and Germany, and 15% in Slovenia, to Greece, Ireland, and Austria. As a result, interest and awareness have continued to grow.
