- $ 1 billion in posts were destroyed on June 5.
- Profit has reached $ 1.5 billion a day, a trend that Glassnode reported as a sign of a local high.
Almost a billion dollars of Cryptographic positions were destroyed on June 5, while Elon Musk and the public of President Donald Trump frightened the markets.
Especially, Bitcoin (BTC) Merchants have experienced the most important losses, more than $ 340 million, with lever -effect bulls representing the most liquidation of $ 305 million.
Source: Coringlass
The market Blood Bath has followed a heated debate on the American budget debt and the “great beautiful bill”. But the debate quickly turned into a ugly social “fight” between Musk and Trump. In response, the market vomited for fear.
What is the next step for BTC?
The risk movement has resulted in $ 100,000 BTC for the first time since mid-May. However, the healing fund manager James Lavish castigated Panic sellers for ignoring the BTC.
“If you sell bitcoin because the richest man in the world is fighting with the most powerful leader in the world, you have absolutely no idea of what you have.”
Here, he considered the BTC as a coverage against the benefits of the budgetary debt which sparked the musk-top drama. In short, the crisis should be an opportunity to buy and not a wave of sales.
At the time of the press, BTC rebounded at $ 103,000 after the acceptance of Musk to mitigate the tension. But will the $ 100,000 last before the US labor market on Friday?
Source: BTC / USDT, tradingView
Most analysts expect Fed interest rate reductions in the third quarter, and the American job report on Friday for May will determine the regulator’s decision. The agency would avoid fast cuts if the American labor market remained solid.
Even so, the market was price Almost 100% chance that the Fed will maintain the unchanged rate at the June 18 meeting.
But, for the July meeting, there was 32% chance of a rate drop of 0.25% to 4.00-4.25%. In simple terms, a potential macro-post configuration to Q3 without overhangs of tariff war could justify BTC and Crypto markets.
If this is the case, all the declines of the BTC could be excellent purchasing opportunities.
Source: Fedwatch CME tool
But before that, short -term pressure can prevail. In fact, Glassnode warned The daily profit made of the BTC exceeded $ 1 billion, a threshold which led to previous local peaks.
“This marks the fifth wave of this cycle where the daily benefit has exceeded the threshold of $ 1 billion. Such events often coincide with the summits or slowdowns of the local market, especially if incoming demand cannot absorb the extent of the gains made. ”
Source: Glassnode
Overall, BTC seemed to have formed a new local peak at $ 111,000 for the T2. But there can be room for growth if the macro environment improves later in the year.
