**Bitcoin Sees Sharp Dip Amid Trump-Musk Feud and Profit-Taking by Long-Term Holders**

Bitcoin investors experienced substantial losses over the past 24 hours as the cryptocurrency's value decreased by nearly 3%, approaching a crucial $100,000 benchmark. The dip in Bitcoin’s price is occurring simultaneously with an escalating feud between U.S. President Donald Trump and billionaire Elon Musk, coupled with long-term holders selling their assets to secure profits.

According to CoinMarketCap, Bitcoin reached a peak of $105,915 before plummeting to $100,500 within just a few hours. At the time of reporting, Bitcoin is valued at $102,180, reflecting a 3.61% decrease over the last seven days. This abrupt decline has significantly impacted traders, with $308 million in long positions being liquidated over the same period, as indicated by CoinGlass data.

The recent price drop has coincided with a public dispute intensifying between Elon Musk and Donald Trump. Musk took to his X platform on June 5 to criticize Trump's plan for comprehensive global tariffs, suggesting it would trigger a recession in the latter half of the year. In response, Trump claimed via his Truth Social platform that ending Musk’s government subsidies and contracts would save the U.S. government substantial sums of money.

Musk retaliated by announcing that SpaceX would begin decommissioning its Dragon spacecraft, a statement he later retracted. This back-and-forth has contributed to market instability, impacting Bitcoin’s performance and overall investor sentiment.

Crypto analytics firm Glassnode has reported that an increasing number of long-term Bitcoin holders have been offloading their holdings after reaching an all-time high of $111,970 on May 22. In a market note on June 5, Glassnode stated that the ongoing sell-off by these holders is increasing the likelihood of a short-term market correction, especially in the absence of a strong catalyst to push Bitcoin prices above $111,800.

In tandem with Bitcoin's fall, other major cryptocurrencies have also experienced notable declines. Ether (ETH) dropped by 7.25%, XRP (XRP) fell by 4.35%, and Solana (SOL) declined by 5.20%. The broader cryptocurrency market saw total liquidations amounting to $982.55 million in the last 24 hours, with $891.63 million coming from long positions alone.

Overall, a volatile mix of political tension, profit-taking by seasoned investors, and market reactions has combined to drive Bitcoin and other major cryptocurrencies into a downturn, leaving traders and analysts alike to navigate uncertain waters.