Oh No! The Crypto Market Takes a Nosedive! 😱💸

Well, well, well! It seems the crypto markets decided to take a little tumble on Friday, just like a clumsy elephant on roller skates! 🐘💥 Fresh tariff worries have sent investors running for the hills, and guess what? Bitcoin is down over 2% today, trading at a mere $103,700. Can you believe it? Smart contract platforms are also feeling the pinch, with Solana plummeting 6.3%, Sui dropping 7.8%, and Avalanche sliding down like a slippery banana peel at 7.3%! 🍌

U.S.-China Trade Tensions Startle Crypto Markets

Oh, the drama! The rising U.S.-China tensions are back in the spotlight after a brief truce, like a soap opera that just won’t end! President Trump is wagging his finger at China, accusing them of breaking the tariff agreement, while Treasury Secretary Scott Bessent is on Fox saying trade talks have “stalled.” Talk about a cliffhanger! 📺

In a twist, China is calling on the U.S. to “immediately correct its erroneous actions and cease discriminatory restrictions.” Sounds like a game of diplomatic hot potato! Earlier, the easing of tensions had fueled a rally in risk assets like Bitcoin, but now? Well, it looks like those gains might just vanish like a magician’s rabbit! 🎩✨

Memecoins See Sharp Pullback

Bitcoin has dropped 6% over the past week, and whale activity is showing signs of a comeback, but technical signals are flashing like a disco ball at a party! 🕺 A death cross looms for Bitcoin, and if it falls below the $104,584 support, it could slide further down to $100,694. Bulls need to reclaim $106,726 to regain control and prevent deeper losses. It’s like a game of musical chairs, and everyone’s scrambling! 🎶

Memecoins are also feeling the heat, with over $10 billion wiped from their market cap in just seven days! It dropped from $74 billion to $64 billion, the lowest since May 9. Over $11.4 billion in Bitcoin and Ethereum options expired yesterday, causing quite the ruckus in their short-term price action! 💥

Open Interest Drops, Liquidations Hit $800M

The Fear and Greed Index has dropped from 74 to 69, a three-week low. Over 217,000 traders were liquidated recently, with a staggering $800 million in total liquidations across the crypto market. It’s like a game of Jenga gone wrong! 😬

Bitcoin futures saw a $3.7 billion drop in open interest as BTC fell from $108,000 to $104,500. This sharp pullback signals a healthy reset, clearing out overleveraged positions and cooling market hype. It’s like a refreshing splash of cold water on a hot summer day! 💦

While Bitcoin could soon dip to $100,000, data shows that a drop below that level could be short-lived. CryptoQuant’s Net Realized Profit/Loss (NRPL) chart shows there is only mild profit-taking, which is far less than the sell-offs seen at market tops in 2024. This hints that the market isn’t overheated and Bitcoin’s uptrend may still have room to run! 🚀

If Bitcoin drops below $100,000, the $96,000 would be a key support level attracting buyers and limiting further drops. Trader Altcoin Sherpa points to a strong support zone between $102K–$104.5K and expects a bounce that could push Bitcoin above $107K in the coming days. Fingers crossed! 🤞

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2025-05-31 09:52