Bitcoin price fell to an intraday low of $105,100 due to multiple factors, prompting whales and traders to liquidate some long positions and causing a slight selloff across the crypto market. This happened despite the highest monthly close ever on BTC.
Macro Headwinds for Bitcoin Price
Macroeconomic factors hindered an upside momentum in Bitcoin price again. The recent JOLTs job openings and ISM Manufacturing PMI data hinted at a strong labor market and inflationary impact of Donald Trump’s tariffs.
Job openings climbed to the highest level since November 2024. Meanwhile, higher-than-expected ISM Manufacturing PMI indicated a robust economy, which could influence the Fed to delay rate cuts amid inflationary pressures.
As per the CME FedWatch tool, over 75% of the market expects the Fed to hold rates steady in July. Although a slight majority of the market expects the Fed to deliver more than two cuts this year.
Elon Musk-Donald Trump Feud
Bitcoin price faltered as the fight between billionaire Elon Musk and President Donald Trump heated up. Traders found the reason to support a drop in BTC price after it moved range-bound for many days, as reported by The Crypto Times.
Elon Musk continues to challenge Trump’s “Big Beautiful Bill” threatening to establish a new political party if the tax-and-spending bill gets passed. Notably, the Senate narrowly approved the bill and sent it to the House. The bill would add $3.3 trillion to the US debt.
Meanwhile, Trump said he intends to cut government subsidies for Elon Musk and even look to deport him to South Africa as the feud reignites.
Bitcoin Price in Consolidation for Bullish Technical Patterns
Investors and traders remained bullish in the long term and are currently adjusting their positions based on BTC price chart patterns. Traders are following the Global M2 supply and cup-and-handle pattern formation in the daily chart. Bitcoin price can hit $168,000 after the breakout, as reported previously by The Crypto Times.
The recent pullback happened after the price dropped below the $106K support level and fell below the 50-SMA in the daily chart. However, it is moving in accordance with the consolidation in the “handle” of the bullish cup-and-handle pattern.
Spot Bitcoin ETFs Outflow After 15 Days
Spot Bitcoin ETFs saw $342.2 million in net outflows on Monday, ending the 15-day inflow streak. Notably, Fidelity’s FBTC recorded $172.7 million in outflow while Grayscale’s GBTC saw $119.5 million in outflows.
BlackRock’s IBIT saw zero outflows. Meanwhile, outflows from Bitwise and Ark 21Shares spot Bitcoin ETF were $23 million and $27 million, respectively.
Whales and Traders’ Liquidation
On-chain data platforms noted multiple transactions moving BTC to crypto exchanges in the last 24 hours. The largest transaction was by a whale who moved 1,595 BTC worth $168.55 million into Binance.
According to Coinglass data, Bitcoin recorded more than $85 million in liquidations in the last 24 hours, with more than $75 million in longs liquidated. The crypto market saw 101,911 traders get liquidated, with the largest single liquidation of BTCUSD valued at $2.62 million on crypto exchange Bybit.
Also Read: SEC Approves Grayscale ETF with BTC, ETH, XRP, SOL, ADA
