๐ฃ Trump vs. Musk Showdown โ Could It Drag Bitcoin Down to $100K?
Bitcoin briefly fell below $102,000 Friday, while futures market long liquidations exceeded $300 million.
On-chain data reveals Bitcoin dealers made $23 billion this week, indicating selling pressure.
JPMorgan sources said the bank will take BTC ETFs as loan collateral.
Bullish factors like Strategy's STRD stock IPO to generate over $100 million to acquire BTC fail to boost BTC.
Bitcoin fell to $101,095 on Friday amid market turbulence. The NASDAQ and Tesla's stock prices fell on Thursday due to the dispute between US President Donald Trump and Tesla CEO Elon Musk, but they recovered on Friday. The spat may have contributed to the 4% drop in crypto market valuation in 24 hours.
Santiment data shows bitcoin holders made $23 billion between June 2 and 5. The BTC price drop matches the significant positive Network Realized Profit/Loss rise.
Coinglass derivatives data indicates $305 million in long bets liquidated in the previous 24 hours and $41 million in short positions. The long/short ratio is 0.91, comparing bullish and bearish bets. A number below one indicates more negative bets, supporting price decrease.
JPMorgan insiders say Bitcoin ETF can get loans.
JPMorgan officials told Bloomberg on June 4 that the bank would provide Bitcoin ETF backed loans.
According to the statement, Strategy launched its Stride Preferred Stock (STRD) IPO to generate $979.7 million for operating capital and Bitcoin acquisition.
Bullish developments failed to boost BTC price, as the biggest coin continued its consolidation.
Bitcoin may retest $100,000.
Bitcoin is stabilizing around $106,000 against resistance. The BTC/USDT daily price chart suggests an almost 4% decline and a retest of $100,000, a crucial crypto support level.
After a roughly 3% advance, BTC may test resistance around $106,794, the upper Fair Value Gap (FVG) on the BTC/USDT daily price chart.
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