Can Eric Trump’s Latest Crypto Pep Talk Push Bitcoin Past $117K?

Bitcoin’s rough week gets a curious twist as Eric Trump throws in a well-timed rally cry. But is it enough to break through the ceiling at $117,000?

Bitcoin stumbled into the first weekend of August nursing its wounds. By Saturday, it had dropped to $113,227 — down nearly 6% for the week and logging five straight red days. Then came Eric Trump with a now-familiar shout into the void: “Buy the dips!!!”

It’s not the first time he’s weighed in. And last time? Things actually turned around. So, the question hanging in the air: can lightning strike twice?

A Political Post and a Price Wall

The resistance line is pretty clear — $117,000. That’s Bitcoin’s 20-day moving average and right now, it’s looking like a brick wall.

In a week marred by selling pressure, the $117K mark has rejected multiple upward pushes. Each failed bounce makes it more psychological, more stubborn. But then again, it’s also a pivot. A breakout above it could mean a renewed climb. A rejection? More blood on the charts.

Eric Trump’s post adds a new wrinkle. Not because he’s a seasoned analyst (he isn’t), but because… weirdly, he’s been right before.

Last Time He Tweeted, Ethereum Went on a Tear

Back on February 25, the markets weren’t in a great mood either. Bitcoin was floundering and Ethereum had just dipped below $1,400. That’s when Eric Trump chimed in with the exact same “buy the dips!!!” rally cry.

It sounded like noise at the time. But within weeks, Ethereum rocketed past $3,900. Bitcoin tagged $122,838 by mid-July.

Of course, there were other things going on:

• The Fed softened its tone on rate hikes.

• Big names like BlackRock started sniffing around for crypto ETF approvals.

• Tech stocks rebounded, dragging risk assets — like crypto — along for the ride.

So, was it the Trump tweet? Or just lucky timing? That’s debatable. But his timing this weekend? Also curious.

Market Mood: Cautiously Risk-Off

This latest correction isn’t coming from a single catalyst — more like death by a thousand cuts.

Inflation jitters haven’t disappeared. The Fed, while no longer aggressive, hasn’t exactly sounded dovish either. China’s economic numbers continue to disappoint. And over in Europe, political noise is adding uncertainty. Risk assets are wobbling, and crypto’s taken the hit.

Even Ethereum dropped below $3,300, while Solana slid 9% in just five days. Traders are nervous. Volumes are drying up. And those who are still here? Mostly sitting on their hands.

Who’s Actually Buying the Dip?

You’d think a “buy the dip” call would be met with some buying. But the on-chain data suggests… meh.

According to Glassnode and CryptoQuant, the number of BTC moving into exchange wallets has risen slightly — not bullish. That usually means people are prepping to sell, not stack.

Also, funding rates on perpetual futures contracts are neutral to slightly negative. Translation: not much appetite for leveraged longs right now.

Here’s what some of the metrics are showing:

Trump’s Voice in a Noisy Room

The interesting bit? Trump’s comments aren’t just random. They’ve started to carry weight, especially with retail traders on X (formerly Twitter).

His profile in the crypto community has grown, partly because of his family’s pushback against centralised banking, and partly because… well, the market’s looking for heroes again. Or memes. Sometimes it’s hard to tell the difference.

Still, Eric Trump isn’t Michael Saylor or Cathie Wood. He’s not leading a crypto firm. He’s just, weirdly, become a signal — right or wrong.

Is $117K a Ceiling or a Springboard?

Here’s where it gets interesting. If Bitcoin breaks $117K, things could snowball.

Historically, Bitcoin tends to trend hard once it crosses key moving averages during volatile weeks. The last five times BTC climbed above its 20-day moving average after a 5-day losing streak, it averaged a 9.6% gain over the following seven days.

That would take BTC to around $124,000, putting the July highs back in sight.

Of course, that’s if — and only if — it can claw its way back up. And this weekend, that ceiling is holding strong.