💣 Trump vs. Musk Showdown — Could It Slam Bitcoin Back to $100K?
Bitcoin dipped below $102,000 on Friday, as the futures market saw over $300 million in long positions liquidated in just 24 hours
On-chain data doesn’t lie: Bitcoin holders pocketed a massive $23 billion this week — and that much profit-taking screams selling pressure.
Even bullish headlines can’t save BTC right now. JPMorgan insiders revealed the bank is ready to accept Bitcoin ETFs as loan collateral. Strategy’s STRD stock IPO is set to raise nearly $1 billion, with over $100 million earmarked specifically to buy more Bitcoin — but guess what? Price barely blinked.
Bitcoin slid to $101,095 on Friday amid broader market chaos. The NASDAQ and Tesla took a hit Thursday after a public spat between President Donald Trump and Tesla CEO Elon Musk — though both recovered Friday, the crypto market didn’t. A 4% drop in total valuation in 24 hours followed the feud, suggesting the tension had a ripple effect.
According to Santiment, BTC wallets saw $23 billion in realized profit between June 2–5, coinciding with the recent price dip. That surge in Network Realized Profit/Loss is a classic warning of aggressive distribution.
Meanwhile, Coinglass shows $305 million in long liquidations versus $41 million in shorts. The long/short ratio at 0.91? That’s a red flag — bearish bets are in control.
JPMorgan also confirmed to Bloomberg on June 4 that they’ll greenlight Bitcoin ETF-backed loans — a potentially huge liquidity unlock, but again, no real momentum shift.
Strategy’s STRD IPO aims to raise nearly $1 billion for operational funding and BTC purchases — yet Bitcoin remains stuck in neutral.
Right now, $BTC is hovering around $106,000, facing resistance. With the price unable to hold its footing, a retest of the key $100,000 level looks increasingly likely.
Short-term? BTC could try for $106,794 — the upper Fair Value Gap (FVG) — before potentially sliding again
