The crypto market retreated after Thursday&#8217;s trading session, with Bitcoin falling to a low of $100,470, marking its lowest point since May 8 and 10% below its highest level this year. Below are three reasons why the crypto market was…

Top 3 reasons why the crypto market is down today

Bitcoin (BTC) dropped sharply over the past 24 hours, nearing the $100,000 
mark with an intraday low of $100,984. This price movement reflects increased 
volatility across the crypto market following a public exchange on social 
media between US President Donald Trump and Tesla CEO Elon Musk. Their clash 
appears to have triggered a wave of risk-off sentiment among traders. In 
response, the global crypto market cap slipped 4%, falling from over $3.4 
trillion yesterday to $3.33 trillion. Meanwhile, the broader market correction 
has not gone unnoticed in derivatives data. Related Reading: Crypto Analyst 
Warns: This Bitcoin Bull Cycle Looks Nothing Like 2017 or 2021 Derivative 
Metrics Reveal Bearish Sentiment Spike According to CryptoQuant analyst 
Darkfost, the Binance net taker volume, a metric that measures the difference 
between aggressive longs and shorts, fell dramatically from $20 million to 
-$135 million in under eight hours. This signals a sharp pivot in sentiment, 
as traders rushed to hedge or speculate on downside risk in response to the 
unfolding news. Darkfost emphasized that this was the largest intraday net 
taker volume reversal observed on Binance this year. The abrupt shift reflects 
how quickly sentiment can change when macro-level narratives or influential 
figures dominate headlines. In this case, the market responded swiftly to 
perceived uncertainty, leading to a concentration of short positions and 
significant selling pressure. The situation also led to a notable change in 
BTC perpetual futures funding rates. Funding on Binance turned negative after 
briefly trending toward positive territory, dropping from +0.003 to below 
-0.004. This indicates that short sellers were willing to pay a premium to 
maintain bearish positions, underscoring rising fear and potentially 
overextended downside bets. 🔔When Funding rates turns negative. 🔹 Buying or 
considering a long position is often wise when funding rates turn highly 
negative, especially if the price starts to trend upward. This typically 
signals a disbelief sentiment among traders, creating strong contrarian… 
pic.twitter.com/LGyHU9uNNK — Darkfost (@Darkfost_Coc) June 6, 2025 Bitcoin 
Past Patterns Suggest Potential for Reversal Historically, deeply negative 
funding rates have been followed by strong recoveries in Bitcoin’s price. 
Darkfost noted three previous events where similar funding shifts led to large 
rallies: October 2023 (BTC surged from $28,000 to $73,000), September 2024 
(from $57,000 to $108,000), and May 2025 (from $97,000 to $111,000). Related 
Reading: Bitcoin’s Key Investors Double Down, Buy Another 79,000 BTC While not 
guaranteed, these patterns suggest that extreme pessimism can sometimes signal 
market turning points. The only recent exception occurred in March 2025 
following trade tariff announcements, which led to a continued decline. Still, 
many traders are watching closely for signs of a short squeeze, where price 
rebounds force short sellers to cover, amplifying upward momentum. Featured 
image created with DALL-E, Chart from TreadingView

Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows

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After days of fluctuating around the $105,000 range, Bitcoin appears to be 
succumbing to pressure from bears and profit-taking from traders. The most 
recent 24 hours were marked by Bitcoin losing its hold on the $105,000 price 
level, crashing until it rebounded at a lower support range around $101,000. 
However, technical analysis of Bitcoin&#8217;s daily candlestick timeframe chart 
shows that this price level is increasingly under threat, and a formation is 
currently in place that could lead to a price crash towards $96,000. Bitcoin 
Head And Shoulders Pattern Forming Crypto analyst Titan of Crypto has 
highlighted what is a textbook head and shoulders formation on the daily 
chart. This bearish pattern, if completed, would imply a breakdown toward the 
$96,000 price zone, according to the analyst. Related Reading: Major Bitcoin 
Price Drop Alert: Crash To $98,000 To Fuel Altcoin Buying Opportunity The 
setup is clearly defined by a peak (head) around mid-May that is flanked by 
two lower highs (shoulders) on either side, all sitting atop a slanted 
neckline that now acts as the last line of support. As of now, Bitcoin is 
trading just above this neckline, testing its structural integrity. In 
technical analysis, a clean break below the neckline accompanied by strong 
volume often activates the measured move from the head’s peak to the neckline, 
projected downward. Based on the chart, that drop points directly to $96,054. 
This puts Bitcoin at risk of a near 8% drawdown from current levels, with 
little support in between. Aside from this formation, Bitcoin&#8217;s daily RSI is 
currently around the 50 reading, which is a zone that often triggers 
reactions. As such, a drop below this midline will confirm a bearish shift in 
momentum. Bitcoin Price Action Closing On Bearish Mode If Bitcoin does 
collapse toward the $96,000 level, it would mark a departure from the bullish 
strength that dominated its price just two weeks ago when it registered a new 
all-time high at $111,814. Since then, however, Bitcoin has lost subsequent 
support levels at $110,000, $107,000, and $105,000, which now places the next 
zone of importance at $103,000. Should Bitcoin fail to hold above that 
threshold, the pressure would likely shift toward the $101,000 level, which 
could act as the final buffer before steeper declines. Related Reading: 
Bitcoin Price Crash Below $100,000 Still Possible: Analysts Issue Downtrend 
Warnings Interestingly, the neckline level of the inverse head and shoulders 
pattern highlighted by crypto analyst Titan of Crypto is around the $103,500 
price level. Bitcoin broke below this price level in the past 24 hours, but 
the bulls managed to prevent further losses below $101,700. This has led to 
the creation of lower lows on the daily timeframe. At the time of writing, 
Bitcoin is trading at $103,250, which means it is back to testing the neckline 
resistance from below. Its reaction here would determine if it eventually 
crashes toward $96,000. If sellers take control at this level, it would not 
only confirm the head and shoulders breakdown but could also lead to a short- 
term capitulation across other cryptocurrencies. Featured image from Getty 
Images, chart from Tradingview.com

Bitcoin Price Crash Trigger To $96,000: The Head And Shoulders Pattern That’s Forming

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