On Thursday, the long-standing conflict between Trump and Musk publicly erupted, with both engaging in verbal sparring and mutual attacks. Their relationship once held significant weight in modern American politics, but it is now heading towards a breakdown.
Musk is contemplating the formation of a new political party on social media. Trump has threatened to revoke government subsidies and contracts for Musk's companies.
The plastic brotherhood between Trump and Musk has thus come to an end. Currently, Musk faces huge losses, while Trump is campaigning and has raised $270 million.
After taking office, he entered the strategic department and offended many powerful figures and organizations. In any case, he is working hard but getting no appreciation. He lost his wife and suffered losses in the process.
From an overall perspective, the financial market is greatly impacted, with BTC plummeting and altcoins facing severe downturns. The market has broken through its critical support line, which was already in a downward correction trend; however, the Trump-Musk conflict has accelerated this market correction.
From a technical standpoint, this correction has not truly reached the bottom yet, and one must continue to patiently wait for spot prices. The clearing of long positions by the market makers is not yet bloody enough; only a drop below 100k can lead to a more thorough cleansing of long positions.
My personal suggestion is to short on any rebound, as the daily level is already in a correction trend. Until we see real panic and genuine cries of despair, a bottom is unlikely to emerge.
