Eric Trump Issues Bullish Call as Bitcoin Struggles Near $113K Support
Eric Trump recently reiterated a bullish stance on crypto, encouraging traders to "buy the dips." This follows a similar market situation where Ethereum fell to $1,400 but later surged above $3,900 due to improving macro conditions and institutional demand. Bitcoin also mirrored this trend, peaking at $122,838 in mid-July.
World Liberty Financial, affiliated with Trump, acquired 77,226 ETH at an average price of $3,294. Additionally, Trump joined the Board of Advisors for Metaplanet, which plans a $3.7 billion investment in Bitcoin, aiming for 210,000 BTC by 2027.
Currently, Bitcoin struggles to maintain support around $113,000. Analysts observe mixed technical indicators, with potential oversold conditions near $112,000. Key resistance is noted at the 20-day moving average of $117,000.
Key points include:
- $113,000 serves as critical support for Bitcoin
- A breakout above $117,700 may indicate a short-term bottom
- The MACD shows bearish momentum; a significant volume recovery is needed
- If $113,000 support fails, targets shift to approximately $108,861 and potentially toward $105,000
Trump's comments could influence short-term sentiment, but require backing from market volume for validation.