- Bitcoin plunged 3.5% in 24 hours to $101,365 amid nearly $1 billion liquidations.
- Over $337 million in BTC futures liquidated, mostly from long positions losing $308 million.
- Bitcoin nears key $100,000 support; breakdown risks further drop toward the $95,000–$98,000 zone.
Bitcoin’s price slipped to $101,355 today, marking a 3.5% drop in 24 hours and 4.5% over the week as per Crypto analyst Kevin Svenson’s post. The dip coincides with nearly $1 billion in leveraged positions being liquidated. The unexpected sell-off occurred amid political turmoil between Elon Musk and U.S. President Donald Trump.
The public feud between the two figures escalated this week, rattling investor confidence. Their public feud created a wave of uncertainty, causing Bitcoin to plunge below the crucial $103,000 support level. Although the top crypto bounced from its 50-day SMA, it’s still struggling to regain footing, now trading around $101,800.
As prices declined, $337.27 million worth of BTC futures were liquidated, with $308 million coming from long positions. Short positions, by contrast, accounted for just $29 million in losses. This disproportion shows long traders were overly optimistic and are now facing steep consequences from the sudden reversal. The total crypto market saw $964.84 million in liquidations over the past day.
The dramatic liquidation spree reveals heightened anxiety among market participants. Broader macroeconomic risks and political shocks are now weighing heavily on sentiment. The Musk-Trump conflict, though unusual, has injected chaos into already jittery digital asset markets, prompting investors to de-risk rapidly.
Trump-Musk Feud Drives Market Volatility
Musk intensified the spat after criticizing Trump’s $1.6 trillion “One Big Beautiful Bill Act,” alleging it bloated the deficit and undercut Tesla with EV subsidy cuts. Trump fired back by threatening to sever federal contracts with Musk’s companies, prompting a sharp 15% fall in Tesla stock.
Musk retaliated by demanding Trump’s impeachment and suggesting the former president has ties to Epstein files. As the feud escalated, White House aides reportedly held emergency meetings to evaluate economic repercussions. Investors, alarmed by the spectacle, began exiting both tech stocks and crypto.
Despite broader optimism for 2025 rate cuts and institutional crypto adoption, political noise is overriding bullish fundamentals. With tech equities rattled crypto assets are now seen as increasingly sensitive to real-world power struggles. Fear is overriding the previously risk-on appetite.
Bitcoin Faces Critical Support and Possible Further Decline
Bitcoin price went down to $101,000 on Thursday, falling by over 4% during the week. According to data from Glassnode, long-term holders (LTHs) cashed record profits, which amounted to $1.47 billion daily in the last week. Their profit-taking, now outpacing short-term holders, may suggest a maturing or waning bull trend.
Bitcoin is just above an important psychological support level at $100,000. A clear break below that level might trigger automatic selling pressure and exacerbate losses. Should long liquidations continue, BTC may drop toward the zone of $95,000–$98,000 before finding support. The geopolitical tension is a sharp indication of crypto’s susceptibility to extraneous factors.
Read More: Bitcoin’s Market Shift: Rising Open Interest and Volatility Concerns