The price of Bitcoin fell to an intraday low of $105,100 due to several factors, including macroeconomic conditions and the conflict between well-known businessmen.
Macroeconomic Factors Affecting Bitcoin Price
Macroeconomic factors have again put pressure on Bitcoin's price. Recent data on job openings and PMI indexes showed a strong labor market and inflationary pressure from Donald Trump's tariffs.
Job openings climbed to the highest level since November 2024. Meanwhile, a higher-than-expected PMI index indicates a robust economy, which could influence the Fed’s decision to delay interest rate cuts amidst inflationary risks.
Elon Musk and Donald Trump Feud
The price of Bitcoin also declined amid the escalating conflict between billionaire Elon Musk and President Donald Trump. According to The Crypto Times, traders saw this situation as a reason for the drop in BTC price after it moved sideways for an extended period.
Elon Musk continues to challenge Trump’s "Big Beautiful Bill," threatening to establish a new political party if the bill passes. The Senate narrowly approved the bill, which could add $3.3 trillion to the US debt.
Trump stated he intends to cut government subsidies for Musk and even consider deporting him to South Africa.
Bitcoin Price Consolidation and Trader Actions
Investors and traders remain bullish in the long term and are currently adjusting their positions according to BTC price chart patterns. Traders are monitoring patterns such as the cup-and-handle on the daily chart.
The recent pullback happened after the price dropped below the $106K support level and fell below the 50-SMA on the daily chart. However, it is moving in line with the consolidation in the "handle" of the bullish cup-and-handle pattern.
In light of current macroeconomic conditions and recent political events, Bitcoin's price remains under pressure. Analysts and traders are closely monitoring the ongoing situation.
