Bitcoin, the leading cryptocurrency, experienced a significant decline to an intraday low of around $68,500, coinciding with ‘Roaring Kitty’s’ YouTube livestream, which failed to invigorate the market. This downturn was further influenced by a stronger-than-expected non-farm payroll report for May, adding 272,000 new jobs and strengthening the US dollar, impacting Bitcoin price predictions and overall market sentiment. Ethereum and other altcoins also saw declines, contributing to the 3% drop in the crypto market.
Despite ‘Roaring Kitty’s’ efforts to discuss GameStop and its future during the livestream, GameStop shares surged nearly 50% before dropping nearly 40% following the announcement of a $3 billion share sale. This event failed to boost market enthusiasm and was compounded by the robust US jobs data, which indicated a resilient labor market and potentially delayed any Federal Reserve interest rate cuts, impacting Bitcoin price predictions and market sentiment. The ongoing challenges and volatility in both the crypto and traditional financial markets were highlighted.
The dip in Bitcoin’s price was also attributed to the US NFP data, as investors reacted to stronger-than-expected US jobs data, leading to a more resilient labor market and potentially delaying any Federal Reserve interest rate cuts. This improvement in the dollar’s value dampened hopes of Bitcoin reaching an all-time high before the weekend, impacting risk-on assets like cryptocurrencies, emerging market stocks, bonds, and commodities. The unexpected strength in employment reduced expectations for near-term rate cuts, contributing to Bitcoin’s decline.
Bitcoin is currently trading at $69,313, showing a minor increase and keeping Bitcoin price predictions bullish. The key pivot point is at $68,550, with immediate resistance levels at $69,728, $70,643, and $71,961, and support levels at $67,570, $66,620, and $65,881. The Relative Strength Index (RSI) is at 41, indicating a neutral market stance, while an upward trendline near the $68,500 level supports the bullish outlook. However, if Bitcoin drops below $68,556, there could be sharp selling leading to a significant price decrease.
Innovative projects like Wiener AI (WAI), a meme coin themed around a sausage dog with advanced AI-powered trading tools, are gaining traction in the market. The coin has already received $4.99 million in contributions to its presale, indicating strong interest. With AI trending in the market, WAI is poised for increased demand, and 20% of the total supply is allocated for staking rewards offering a 396% APY. Crypto analysts rate WAI as a top pick for 2024, with potential for significant returns for early investors.
