
Title: Can Eric Trump’s Buy Signal Lift Bitcoin Above $117K?
The world of cryptocurrencies has been abuzz with the recent comments from none other than Eric Trump, Executive Vice President of the Trump Organization. In a surprising move, he took to social media to urge traders to “buy the dips!” in a bid to stabilize the market.
As we write this article, Bitcoin’s current price stands at $113,227, having experienced a significant 5-day pullback, resulting in a whopping 5.78% decline from its recent highs. This development has raised eyebrows among investors and analysts alike, as it seems eerily reminiscent of his similar call in February when Ethereum plummeted to $1,400 before rebounding sharply to over $3,900.
The question on everyone’s mind now is whether Eric Trump’s buy signal can indeed propel Bitcoin above the psychologically significant threshold of $117,000. To determine this, let us dive deeper into the technical analysis and fundamental factors that will ultimately decide the fate of this cryptocurrency market.
As you might know, the 20-day moving average has been set at a crucial $117,000. Any attempt by Bitcoin to reclaim this level could be seen as an indication that bulls are back in control of the narrative. This development would likely trigger substantial buying pressure, driving the price of the world’s leading cryptocurrency upward.
On the flip side, if this support line fails to hold and instead gives way to further selling pressure, we may see a deeper correction phase unfold. In such a scenario, Bitcoin could potentially retest levels seen at $105,000 as the primary downside target.
It is essential for investors to remember that any market move can be volatile. Market conditions can change rapidly, and it’s crucial for users to conduct their own research before making an investment decision based on this information.
Source: www.coinspeaker.com