Key Notes
- Bitcoin trades at $113,227 on Saturday, August 2, down 5.78% amid a 5-day shedding streak.
- Eric Trump urges merchants to “₿uy the dips!” following the same February name throughout market volatility.
- The 20-day shifting common at $117,000 acts as key resistance for Bitcoin value rebound makes an attempt to realize traction.
As market digests Eric Trump’s bullish “purchase the dip” sign, can BTC value stage a rebound above the 20-day shifting common at $117,000? The dip comes at a time when political and monetary voices have re-entered the crypto discourse. Eric Trump, Government Vice President of the Trump Group, posted a renewed bullish call on Saturday, urging merchants to “purchase the dips!!!”, a sentiment he beforehand echoed on February 25 amid related market nervousness.
At the moment, Ethereum dropped to $1,400 following his publish however rebounded sharply to over $3,900, coinciding with enhancing macro situations and renewed institutional demand. Bitcoin value mirrored that trajectory, rallying to $122,838 in mid-July.
Notably, World Liberty Monetary, a Trump-affiliated DeFi undertaking, reportedly acquired 77,226 ETH at a median of $3,294, according to Lookonchain data from July 29.
Extra so, Eric Trump just lately joined Bitcoin investor Metaplanet’s Board of Advisors in March 2025. The Japanese agency has now dedicated to a $3.7 billion Bitcoin funding by way of most popular shares, concentrating on 210000 BTC holdings by 2027, according to crypto exchange, Bitget’s latest report.
As BTC value struggles to defend the $113,000 help at press time, it stays to be seen if US President’s son, Eric Trump’s current optimistic feedback present the well timed market sentiment increase wanted to avert additional losses as tariff tensions swirl.
BTC Value Forecast: Will Bitcoin Reclaim $117K or Slide Towards $110K?
Technically, the outlook stays blended. The current 5-day decline has introduced Bitcoin nearer to the decrease Bollinger Band close to $112,000, signaling potential oversold situations that would entice dip patrons. Quantity on the pullback stays reasonable, suggesting absence of excessive depth panic-driven sell-offs.
A key resistance degree to watch is the 20-day shifting common at $117,000, which additionally aligns with the Bollinger Band’s midline. Bitcoin value held on firmly across the help degree for greater than every week after a parabolic rally in early final month halted on the $122,838 all time excessive on July 14.
A breakout above $117,700 may reignite bullish sentiment and make sure that BTC has shaped a short-term backside at $113,000.
Nevertheless, the MACD paints a extra cautionary image. With the MACD line at –991.82 and nonetheless under the sign line, momentum stays bearish. This means bulls will want a transparent catalyst, presumably a big restoration in market volumes to flip the short-term development.
Bitcoin Value Forecast | Supply: TradingView
On the draw back, if the $113,000 BTC value help breaks, the subsequent draw back goal lies close to $108,861, a horizontal help degree from early July. A breach under this could doubtless invite panic promoting, probably forcing a drawdown towards the $105,000 vary.
Eric Trump’s bullish commentary may provide short-term psychological help, particularly if echoed by giant gamers or aligned with optimistic coverage information. However such a bullish projection should align with vital improve in market volumes for a affirmation.
Within the close to time period, if BTC value reclaiming of the $117,000 degree can be the clearest sign that bulls are again in management. Till then, Bitcoin value stays at a crossroads, with $113,000 performing because the final line of protection towards a deeper correction part.
Disclaimer: Coinspeaker is dedicated to offering unbiased and clear reporting. This text goals to ship correct and well timed data however shouldn’t be taken as monetary or funding recommendation. Since market situations can change quickly, we encourage you to confirm data by yourself and seek the advice of with knowledgeable earlier than making any selections based mostly on this content material.
Ibrahim Ajibade is a seasoned analysis analyst with a background in supporting varied Web3 startups and monetary organizations. He earned his undergraduate diploma in Economics and is at the moment finding out for a Grasp’s in Blockchain and Distributed Ledger Applied sciences on the College of Malta.
