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The crypto market slid more than 5% in the last 24 hours, wiping billions from its total capitalization and sending Bitcoin down to a multi-week low of $113,164. While altcoins like Ethereum, XRP, Cardano, and Solana dropped as much as 3%, analysts remain cautiously optimistic, predicting a market rebound in the coming weeks.
Eric Trump Tweets “Buy the Dip” Amid Crypto Slide
As market sentiment soured, Eric Trump reignited the meme with a familiar message on X: “₿uy the dips!!! $BTC $ETH.” Historically, his tweets coincide with short-term volatility, often followed by a rebound. The post stirred mixed reactions, but some traders believe it signals renewed retail interest.
Investor Ted Pillows suggested the current dip could bottom out by Monday, after which a recovery is likely to begin. His view aligns with other market watchers eyeing early September for renewed momentum.
Analysts Say August Could Be Bitcoin’s Buy Zone
Popular analyst Michaël van de Poppe sees the current pullback as an accumulation opportunity. He notes that Bitcoin is approaching a critical support range and anticipates consolidation through August. Resistance sits at $114,700 and $116,800—levels he believes could be broken by early September, triggering a stronger upward move.
Despite market-wide losses, Bitcoin’s long-term structure appears intact. Its current trading range around $113,750 places it near what van de Poppe identifies as a key buy zone.
Short-Term Holders Fuel the Sell-Off
Data from Glassnode shows that short-term holders are behind most of the selling pressure. In the past 24 hours, they accounted for 85.5% of Bitcoin’s spent volume. Meanwhile, over 90% of Bitcoin’s total supply remains in profit, suggesting many long-term holders are staying put.
In addition to weak U.S. job data and rising geopolitical tensions, Bitcoin ETFs saw $115 million in net outflows on Thursday—ending a five-day inflow streak and contributing to downward pressure.
Also Read: Pi Network Cuts Mining Rate, Promotes Token Lock-Ups
Bitcoin’s drop to $113K reflects short-term headwinds, but analysts point to seasonal trends, technical levels, and long-term holder behavior as signs of underlying strength. With August likely to be a month of consolidation, a rebound in September remains a strong possibility.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
