Bitcoin is testing key support near $113K, with bulls eyeing a breakout at $118K that could ignite fresh bullish momentum.
Analysts are split—some expect a breakout from the descending channel, while others warn of a deeper drop toward $105K.
Eric Trump’s “₿uy the dips!” mantra resurfaces as BTC hangs between recovery hopes and mounting bearish pressure below resistance.
Bitcoin’s price action is caught in a technical squeeze, hovering near $113K inside a descending channel. While some analysts forecast a bullish breakout, others warn of a deeper correction toward $105K
Bitcoin Consolidates Within Key Channel
Captain Faibik, an analyst on X, believes a bullish bounce could be forming. He predicts Bitcoin could retest $116,000 before challenging $118,000 again. If bulls break above $118K, he expects strong momentum to return to the market. His chart highlights a projected bounce, with a blue arrow showing the potential move higher.
Cautious Views Emerge from Trendline Breakdown
However, not all analysts are optimistic. Kamran Asghar offers a more cautious outlook after Bitcoin broke below a diagonal support trendline on July 30. His chart shows a shift in structure from sideways to bearish. Price candles closed below key support levels, signaling weakening momentum.
Kamran highlights the $115K–$116K zone as crucial. If Bitcoin fails to reclaim this area, he warns the next stop could be $105,000. He supports his view with a red arrow projection, indicating a continued downtrend. The bounce from $112,500 so far lacks volume, casting doubt on a strong recovery.
Eric Trump Pushes Bullish Sentiment
In the midst of this uncertainty, Eric Trump has once again rallied the crypto crowd with a familiar phrase: “₿uy the dips!” His tweet comes just as Bitcoin flirts with critical support levels. As co-founder of American Bitcoin and a major player in the crypto space, his calls often attract attention.
https://twitter.com/EricTrump/status/1951573731664367766
His public stance aligns with ongoing accumulation narratives. With retail investors looking for confidence, such statements help build positive sentiment. However, they do little to change the technical structure that remains range-bound for now.
