In the past 24 hours, investors who went long on Bitcoin (BTC) have suffered significant losses as the price of the cryptocurrency dropped nearly 3%, approaching a retest of the $100,000 level.

This price decline coincides with the escalating dispute between U.S. President Donald Trump and billionaire Elon Musk, while investors holding Bitcoin for over 155 days continue to sell off to lock in profits.

According to CoinMarketCap, the price of Bitcoin reached $105,915 in the past 24 hours, before falling to $100,500 within a few hours. As of the time of writing, the price of Bitcoin is holding at $102,180.

This drop caught traders off guard, with approximately $308 million in long positions being liquidated during the same period, according to CoinGlass.

At the same time, the public dispute between Musk and Trump is also escalating. Tesla CEO Musk stated on his X platform on June 5 that Trump's plan to implement comprehensive global tariffs "will trigger an economic recession in the second half of this year."

Several cryptocurrency analysts share the same view. Swyftx chief analyst Pav Hundal previously told Cointelegraph that U.S. policymakers may delay monetary easing until they obtain "hard data" on the impact of Trump's tariffs, which could pose a risk of "slowing growth."

Trump posted on his Truth Social platform that terminating Musk's government subsidies and contracts would save the U.S. government "billions of dollars."

Musk responded by saying, "In light of the President's statement about canceling my government contracts, SpaceX will immediately begin to retire its Dragon spacecraft," although he retracted this statement a few hours later.

SpaceX's Dragon spacecraft is currently the only U.S.-made option for sending astronauts into space.

Meanwhile, according to data from crypto analytics firm Glassnode, an increasing number of long-term holders have begun to sell off their positions since Bitcoin reached its all-time high of $111,970 on May 22.

Glassnode stated in its market report on June 5, "As long-term holders gradually exert selling pressure, the likelihood of a short-term pullback continues to increase, especially in the absence of strong upward catalysts to decisively push Bitcoin above $111,800."

At the same time, other major cryptocurrencies have also seen significant declines in the past 24 hours. Ethereum (ETH) is down 7.25%, Ripple (XRP) is down 4.35%, and Solana (SOL) is down 5.20%.

Across the entire cryptocurrency market, the total liquidation amount in the past 24 hours reached $982.55 million, with long position liquidations accounting for $891.63 million.

This article does not contain investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.

Related: Trump Media submits spot Bitcoin (BTC) ETF application to the U.S. Securities and Exchange Commission (SEC)

Original article: “Trump and Musk Feud Leads to Bitcoin (BTC) Drop, $308 Million in Long Positions Liquidated”

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