Bitcoin drops due to social media war between Elon Musk and Donald Trump

Bitcoin has dropped more than 3%, and Ethereum fell over 7% during the public fallout between the Elon Musk and Donald Trump. More than 220,000 cryptocurrency traders were liquidated with total liquidations reaching nearly $1-billion, almost all of which were long positions. 

$1-billion being completely wiped out has become a regular occasion. For how much time will people continue to lose money? Also, notice how sentiment flipped from bullish accumulation to deep caution overnight. 

While some users on X believe that the decline has nothing to do with Elon and Trump – It’s just a retest of the lows and it will touch 99400 before new all time high, regardless of Elon making love or war with Donald Trump. If these support levels crack, expect volatility to spike—oversold readings may tempt bottom fishers, but macro and political risk isn’t letting up anytime soon. Whale dumping and ETF outflows confirmed the shift, with bearish signals on the MACD and RSI accelerating the move. 

Remember, the news follows the charts and this correction was expected after a huge pump to $109,000. So, it is important to keep calm and stick to the plan.