The price of Bitcoin experienced a temporary drop, falling from $102,000 on Friday, while liquidations in the futures market for long positions surpassed $300 million.
On-chain information indicates that Bitcoin traders generated $23 billion in profits this week, suggesting significant selling pressure. Sources within JPMorgan have indicated that the bank will accept BTC ETFs as collateral for loans.
Despite bullish factors such as the IPO of Strategy's STRD shares, which seeks to raise over $100 million to acquire BTC, the cryptocurrency's price has not been driven up. Bitcoin traded at $101,095 on Friday, amid market turmoil. NASDAQ and Tesla stock prices fell on Thursday due to the conflict between U.S. President Donald Trump and Tesla CEO Elon Musk, although they recovered on Friday. This disagreement may have influenced the 4% drop in the cryptocurrency market capitalization over a 24-hour period.
Santiment data points out that Bitcoin holders generated $23 billion between June 2 and June 5. The decrease in BTC price occurs alongside a notable increase in Realized Profit/Loss on the Network. According to derivatives information from Coinglass, $305 million in long bets were liquidated in the previous 24 hours and $41 million in short positions. The ratio of long to short positions stands at 0.91, comparing optimistic bets to pessimistic ones. A value below one indicates a prevalence of negative positions, which supports the price drop. Informants from JPMorgan have commented that the Bitcoin ETF could be used to access loans. JPMorgan officials communicated to Bloomberg on June 4 their intention to offer loans backed by Bitcoin ETFs.
According to the announcement, Strategy has launched its initial public offering of Stride (STRD) preferred shares in order to generate $979.7 million for operational financing and Bitcoin acquisition. Despite encouraging developments, the price of BTC has not been raised, remaining in its consolidation phase. Bitcoin could attempt to reach $100,000 again. The cryptocurrency is stabilizing around $106,000, facing a resistance barrier. Daily chart analysis of BTC/USDT suggests a decrease of about 4%, based on testing $100,000, which represents a critical support level for cryptocurrencies. After an increase of approximately 3%, BTC may face resistance near $106,794, the upper Fair Value Gap (FVG) on the daily chart of BTC/USDT.
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