The cryptocurrency market took a hit as **Bitcoin** dropped 5.2% to a low of $100,345 due to leveraged trade liquidations, geopolitical tensions, and the Elon Musk-Donald Trump conflict.
The decline in **Bitcoin** price was triggered by Trump’s new executive order causing volatility in financial markets, including **Bitcoin**. Global uncertainties arising from trade disputes between China and the US further fueled the bearish sentiment in the crypto market.
215,593 traders were liquidated in the last 24 hours, totaling $967.63 million in liquidations. The largest single liquidation order worth $10.00 million occurred on Bitmex – XBTUSD. Popular trader James Wynn saw his long positions worth $16.14 million liquidated.
The feud between Trump and Elon Musk also contributed to the bearish pressure on the market. The clash between these influential figures has impacted investor sentiment in the crypto space.
Despite the recent market turmoil, **Bitcoin** saw a 3% increase to $103,976 on June 6th. The resumption of trade talks between the US and China brought some optimism to the market, keeping **Bitcoin** price above the previous month’s support level.
Market analysis suggests that the recent price action may lead to a northward movement, potentially hitting stop losses and triggering an upward trend. If market conditions deteriorate, **Bitcoin** price could drop to $92,917 by the end of June. However, a bullish scenario could see **Bitcoin** targeting $130,000 by the end of the month.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
