Bitcoin’s price has begun to recover, trading above $98,000 after a nearly 5% drop in the past two days. Eric Trump has suggested adding Bitcoin to their family-backed platform, World Liberty Financial, which may be helping this rebound. Data from Santiment reveals that Bitcoin whales are accumulating more BTC during this downturn, while retail investors are being liquidated. If this trend continues, it indicates a potential price rise in the future, despite recent volatility. Analysts forecast that if Bitcoin holds its ground around $100,000, it could climb back toward its recent highs. However, bears may push prices down to the critical $90,000 level if the correction continues.
Bitcoin Price Recovers as Eric Trump Supports BTC Integration into WLFI
Bitcoin’s price has seen a modest recovery, trading above $98,000 as of Thursday. This bounce back comes after the cryptocurrency experienced a nearly 5% drop over the past two days. Eric Trump, son of former US President Donald Trump, has voiced his support for adding Bitcoin to World Liberty Financial’s (WLFI) crypto platform, which could be contributing to this recovery. Additionally, data from Santiment reveals that Bitcoin whales are increasing their holdings while smaller retail traders are being liquidated, indicating a potential shift in Market dynamics.
Bitcoin’s recovery is a positive sign for investors. Eric Trump’s recent social media endorsement of BTC as a part of WLFI’s portfolio may have reignited interest among some investors. During a recent digital asset press conference, David Sacks, a known figure in crypto circles and associated with the Trump family, discussed evaluating a Bitcoin Reserve which could further promote Bitcoin adoption. Furthermore, US Treasury Secretary Scott Bessent emphasized a focus on lowering 10-year Treasury yields, creating a favorable environment for riskier assets like Bitcoin.
Recent statistics show that while Bitcoin whales are accumulating more coins during this period of Market correction, many recent retail traders who entered the Market within the last six months are facing liquidation pressure. Notably, there is an increase of wallets holding more than 100 BTC, contrasted with a significant reduction in wallets with less than 100 BTC. This trend may set the stage for a price rise as accumulation by whales often precedes upward momentum.
Looking forward, while Bitcoin’s price remains around $98,000, analysts are cautious. The price did drop to a low of about $91,231 earlier this week, and continued bearish momentum could test the critical psychological level of $90,000. The Relative Strength Index and Moving Average Convergence Divergence indicators suggest further caution. However, should Bitcoin manage to hold above $100,000, it could pave the way for a retest of last week’s high of $106,012.
In summary, Bitcoin’s current price movements are closely tied to influential endorsements and Market dynamics. With both whales accumulating and retail traders liquidating, the Market is poised for potential volatility in the days ahead.
What is Eric Trump’s message about Bitcoin?
Eric Trump has encouraged people to consider adding Bitcoin (BTC) as a way to help support its recovery. He believes that investing in Bitcoin could positively impact its overall value and stability.
How can adding Bitcoin help its recovery?
By adding Bitcoin to investment portfolios, more people are buying and using it. Increased demand can lead to a rise in Bitcoin’s value, helping it recover from downturns.
Is Bitcoin worth investing in right now?
Many see Bitcoin as a long-term investment opportunity. However, it’s important for anyone interested to do their own research and understand the risks before investing.
What risks are involved with investing in Bitcoin?
Bitcoin can be very volatile, which means its price can change quickly. Investors should be prepared for potential losses and only invest money that they can afford to lose.
Where can I buy Bitcoin?
You can buy Bitcoin on various online platforms called exchanges. Some popular options include Coinbase, Binance, and Kraken. Make sure to choose a reputable platform with good security features.
