Bitcoin Plunges to $100K: Traders Panic and Musk-Trump Drama Unfolds!

• Bitcoin futures took a nosedive, liquidating $324 million in longs amidst the Trump-Musk melodrama. How charming! 🎭
• Binance saw a flurry of activity—2.5k BTC flowing in, bringing total exchange inflows to a staggering 32k BTC. Darling, who needs Netflix when you have this saga? 🍿

Just yesterday, Bitcoin [BTC] woke up and decided it fancied a dip, slipping from a lofty high of $105.9k to a modest $100k. A real nervous tick, wouldn’t you say?

All this upheaval, of course, sparked by a veritable political tiff between President Trump and that dashing Elon Musk. Keep it chic, gentlemen. 💼🤪

This spat hasn’t been merely a tiff over a teacup; oh no, it’s sent Bitcoin’s market into quite the tizzy.

CryptoQuant’s very own Axel Adler reports that, thanks to the Donald and Elon’s row, a hefty $324 million was liquidated from Bitcoin’s futures—liquidated! As if that wasn’t enough to make you clutch your pearls. 😱

And in the grand game of market musical chairs, Bitcoin’s open interest shrank from $34.8 billion to a mere $34.2 billion—losing $600 million in the process. Capital pulled out faster than a waiter at a bad dinner party.

Meanwhile, the Funding Rate flipped negative for the first time in a month. Shorts are now the belle of the ball, while long positions are gracefully taking their leave. Clearly, everyone’s bearish—except, of course, the Yankees. 🚨

And oh, the excitement! Over 32,000 BTC poured into exchanges—most of it probably hastily sold off as panic set in. Binance alone saw 2.5k BTC in the spot market—charming, isn’t it? A real auction of the ages. 🛍️

What’s Next for BTC? 🎩

Despite the Trump-Musk comedic duel, the market seems to have shrugged it off faster than a bad toupee. The fun may be over, but the king coin is eyeing a comeback, hunting for higher ground.

In fact, after dipping below $104,654, Bitcoin’s flow flipped negative—buyers are swooping in like late-night party guests grabbing the last canapé. Good news for those holding their nerve! 🥂

Now, with withdrawal volumes exceeding deposits, Bitcoin looks poised to reclaim its throne at the $105.9k marked—assuming no more political soap operas, of course.

But beware, my dear speculators, this dip has left short-term holders in a bit of a state—over 1.37 million addresses containing 707k BTC are now teetering below the $104k mark. The nearest support? A modest $97.5k—just enough to keep the drama alive. 🎭

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2025-06-07 02:20