🚨 Trump vs. Musk Showdown — Is Bitcoin Headed Back to $100K? 😬💥
A fresh wave of tension between former President Donald Trump and Tesla CEO Elon Musk is shaking both Wall Street and the crypto world — and Bitcoin may be caught in the crossfire. As their high-profile spat escalated, markets responded with a sharp jolt: Bitcoin dropped to $101,095 on Friday, while the broader crypto market shed 4% of its valuation in just 24 hours.
🔻 Over $305 million in Bitcoin long positions were liquidated within a single day, according to Coinglass data — with bulls overwhelmed by rising selling pressure. Meanwhile, only $41 million in shorts were wiped out, and the long/short ratio dropped to 0.91, signaling a shift toward bearish sentiment.
On-chain analytics from Santiment revealed BTC holders realized a staggering $23 billion in profit from June 2 to June 5, lining up perfectly with Bitcoin’s price pullback and confirming massive profit-taking. Despite growing institutional interest — including JPMorgan’s confirmation that it will now accept Bitcoin ETFs as loan collateral — the bulls have yet to regain their footing.
Meanwhile, bullish catalysts like Strategy’s STRD IPO, aiming to raise nearly $980 million to fund BTC purchases, also failed to lift the market. Even as traditional equities like NASDAQ and Tesla rebounded on Friday, Bitcoin’s recovery remains weak, suggesting the Musk-Trump feud may have deeper market implications.
Technically, Bitcoin is consolidating just above $106K, but signs point toward a possible retest of the psychological $100K support level. Charts highlight resistance near $106,794, sitting at the upper Fair Value Gap (FVG) on the BTC/USDT daily chart. Without strong bullish momentum, another dip below $100K could be on the table.
⚠️ With geopolitical drama, heavy profit-taking, and shaky bullish follow-through — the big question remains:
Is Bitcoin about to break down further, or is this just the calm before the next rally storm?