Bitcoin, Ethereum, XRP, Dogecoin Extend Losses After Trump-Musk Fallout

Crypto markets continue to slide on Friday morning, with mounting macroeconomic pressure and fallout from the rift between Elon Musk and Donald Trump adding to investor unease.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$103,741.51	-0.9%
Ethereum ETH/USD	$2,483.50	-4.4%
Solana SOL/USD	$148.54	-2.2%
XRP XRP/USD	$2.15	-2.2%
Dogecoin DOGE/USD	$0.1765	-6.4%
Shiba Inu SHIB/USD	$0.00001237	-3.2%

Notable Statistics:

IntoTheBlock data shows Bitcoin large transaction volume decreased by 3.6%, while Ethereum saw a 27.8% increase. ETH's daily active addresses remained relatively flat, BTC saw a 5.6% jump.
Coinglass data shows 218,488 traders were liquidated in the past 24 hours for $979.20 million.
SoSoValue data shows net outflows of $278.4 million into spot Bitcoin ETFs. Spot Ethereum ETFs saw net inflows of $11.26 million.

Trader Notes: CoinBureau co-founder and CEO Nic Puckrin said markets are reacting sharply to the Musk–Trump fallout, adding that weekend volatility could intensify in the absence of liquidity with the Non-Farm Payrolls data due today.

More Crypto Online noted that Bitcoin's dip may serve to attract new buyers, while Crypto Jelle added historical context that the previous BTC bull cycles lasted 152 weeks. If history repeats, there could be one final push over the next 20 weeks.

The previous cycles both lasted exactly 152 weeks.

If that pattern repeats, we have 20 weeks of bull market left.

One last hurrah, send #Bitcoin higher. pic.twitter.com/8R4uZAryWr
— Jelle (@CryptoJelleNL) June 6, 2025

Ted Pillows observed that Ethereum is holding range support well, targeting a move to $3,000.

He also flagged a cup and handle pattern forming on Solana, suggesting a short-lived dip followed by a bullish reversal near the $140–$145 zone.

$SOL cup and handle pattern formation. 👀

It got rejected from a major resistance level, and is now going through a correction.

Network activity is still rising, so I expect this dip won't last long.

I think a retest of $140-$145 followed by a reversal is highly likely. pic.twitter.com/ZloDVKj1vv
— Ted (@TedPillows) June 5, 2025

Trader Tardigrade highlighted a crucial technical setup for Dogecoin, noting that price has returned to the apex of a symmetrical triangle bottoming pattern, a level to watch for either a bounce or breakdown.

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