Bitcoin (BTC) is back in the spotlight after Eric Trump, son of former U.S. President Donald Trump, voiced support for the cryptocurrency. Posting on X (formerly Twitter), Trump stated, “Feels like a great time to enter Bitcoin,” fueling speculation that the Trump family may be increasing its crypto exposure.
His statement comes amid a volatile market backdrop, with BTC reclaiming the $98,968 level after briefly dipping below $93,000 earlier in the week due to U.S. tariff tensions with Canada and Mexico. The temporary pause in tariffs has helped stabilize risk assets, pushing Bitcoin back into bullish territory.
Macroeconomic uncertainties, including the Federal Reserve’s cautious approach to interest rate cuts, continue to influence BTC’s trajectory. Traders are now watching key levels as Bitcoin flirts with a potential breakout past $100K.
Earlier this week, the crypto market faced a sharp correction due to the US imposing heavy tariffs on Canada and Mexico, briefly pushing BTC below $93,000. However, the market rebounded after the US government decided to pause these tariffs for 30 days.
Besides, Bitcoin’s price has been influenced by macroeconomic uncertainties, including the Federal Reserve’s cautious stance on interest rate cuts, which remains a key factor impacting investor sentiment.
Trump Family and Bitcoin: Speculation Grows
Eric Trump’s endorsement has sparked widespread speculation regarding the Trump family’s broader involvement in crypto. He tagged World Liberty Financial, a decentralized finance platform linked to the Trump family, raising questions about potential partnerships or political crypto strategies.
This is not the first time the Trump name has made waves in the crypto sector. Previously, Eric Trump endorsed Ethereum (ETH), stating it was a good time to accumulate ETH. This triggered a sharp rally, but also raised concerns about potential insider trading, as wallets linked to World Liberty Financial made strategic moves following his tweet.
His latest comments on Bitcoin have drawn similar scrutiny, with some traders questioning whether the endorsement is purely sentiment-driven or part of a strategic financial play.
Key Takeaways from Eric Trump’s Bitcoin Endorsement:
Public support for Bitcoin could increase mainstream and institutional interest.
Speculation around Trump-linked financial ventures raises questions about long-term BTC exposure.
Potential price volatility as traders react to political figures engaging with crypto.
CoinCodex and Standard Chartered Predict Strong Growth Ahead
Beyond political endorsements, Bitcoin’s price outlook remains strong, backed by institutional inflows and optimistic forecasts from major financial institutions.
CoinCodex projects BTC to reach $158,900 by May 2025, marking a 61.7% increase from current levels.
Standard Chartered Bank forecasts Bitcoin hitting $500,000 before 2028, citing rising institutional adoption.
Bitcoin spot ETFs have seen $39 billion in inflows, reflecting growing investor demand.
Despite the short-term volatility, these bullish forecasts suggest BTC remains on track for significant long-term gains.
Daily Technical Outlook: Bitcoin (BTC/USD) – February 6, 2025
Bitcoin is trading at $98,710, up 0.68% in the last 24 hours, as bulls push towards key resistance levels. The market remains at a critical inflection point, with BTC trading within a descending trendline while testing major Fibonacci retracement levels.
Key Technical Levels:
Immediate Resistance: $100,550, followed by $102,579
Major Support: $97,160, with deeper levels at $95,078 and $92,755
50-Day EMA: $98,674, aligning with the 0.5 Fibonacci retracement at $98,845
200-Day EMA: Above current levels, signaling long-term resistance
A break above $100,550 could spark a major rally toward $104,608, while a failure to hold above $97,160 may trigger a retest of lower Fibonacci levels.
Final Thoughts: Bitcoin at a Crossroads
Bitcoin’s price is hovering near a critical decision zone. If bullish momentum continues, BTC could break past $100K, solidifying its rally. However, rejection at resistance could lead to renewed selling pressure, bringing support zones back into focus.
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