📊 Bitcoin Price Subdued as 'Trump Always Chickens Out' Backlash Looms
Bitcoin held its ground above $104,000 on Monday despite the U.S.-China trade tension and court-driven tariff drama that rattled global markets.
Last Friday, U.S. President Donald Trump accused China of violating a mid-May agreement to pause tariff escalation and announced a hike in import tariffs on steel and aluminum, from 25% to 50%, effective June 4.
The pause gave rise to a “Trump always chickens out” meme and its acronym TACO. The president has seemed eager to prove his critics wrong.
During a campaign rally at a U.S. Steel plant in West Mifflin, Pennsylvania, Trump said the tariff hike will “even further secure the steel industry in the United States,” while touting a deal between Nippon Steel and U.S. Steel as a win for American workers.
The geopolitical whiplash triggered nearly $1 billion in crypto liquidations, according to QCP Capital’s Monday update.
BlackRock’s iShares Bitcoin Trust ETF, fresh off a record 34-day inflow streak, saw $430 million in outflows on May 30, as per Farside Investors data.
Yet BTC remained composed, signaling a reset in leverage rather than investor panic.
At the moment, Bitcoin is trading at $104,158, a slight increase of 0.1% over the past 24 hours, as per CoinGecko data.
“Risk reversals have begun to normalize… [and] perp funding has turned flat,” the QCP wrote, suggesting muted short-term price swings.
Institutional interest has not waned eithe.; Japan’s Metaplanet added another $114 million in BTC post-selloff, bringing holdings to 8,888 BTC, worth over $925 million.
QCP referenced the TACO acronym, which has become popular among Trump’s critics, but noted that Friday’s escalation indicated he may be aiming to defy that perception.
With no major policy catalysts before July 8, BTC may stay rangebound between $100K and $110K, QCP noted, citing high open interest at those levels.
