Bitcoin Price Prediction as Crypto Prices Crash Following ‘Roaring Kitty’s’ YouTube Livestream – Where is the Next Support?

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Cryptonews2024/06/08 08:16

By:Arslan Butt

Bitcoin Price Prediction

Bitcoin (BTC), the leading cryptocurrency, experienced a significant decline to an intraday low of around $68,500. This downturn coincided with ‘Roaring Kitty’s’ YouTube livestream, which failed to invigorate the market.

The drop was further influenced by a stronger-than-expected non-farm payroll report for May, adding 272,000 new jobs and strengthening the US dollar.

This development dampened hopes for a Federal Reserve interest rate cut, impacting Bitcoin price prediction and overall market sentiment. Ethereum (ETH) and other altcoins also saw declines, contributing to the 3% drop in the crypto market.

Bitcoin Decline After ‘Roaring Kitty’s’ Livestream: Next Support Level?

Bitcoin (BTC), the leading cryptocurrency, dropped to an intraday low of $68,507, coinciding with ‘Roaring Kitty’s’ YouTube livestream.

Event: Keith Gill, also known as “Roaring Kitty,” hosted his first livestream in three years, attracting over 600,000 viewers.
Purpose: Discuss GameStop (GME.N) and its future, interspersed with jokes, memes, and disclaimers about investment risks.
Stock Performance:
- Pre-Livestream: GameStop shares surged nearly 50% after Gill announced the livestream.
- Post-Livestream: Shares dropped nearly 40% following the announcement of a $3 billion share sale and closed at $28.22 after volatile trading.
- Trading Volume: GameStop shares saw $10 billion worth of transactions, second only to Nvidia and Apple.

This event failed to boost market enthusiasm and was compounded by a robust non-farm payroll report for May, which added 272,000 new jobs and strengthened the US dollar.

Consequently, hopes for a Federal Reserve interest rate cut were dampened, affecting Bitcoin price predictions and market sentiment.

Key Points:

Ethereum (ETH) and other altcoins also saw declines, contributing to a 3% drop in the crypto market.
‘Roaring Kitty’ (Keith Gill) couldn’t rejuvenate interest in GameStop (GME.N), which fell nearly 40% after announcing a share sale.
GameStop’s decline underscores the volatility and speculative nature of financial markets, potentially impacting crypto sentiment.

This highlights the ongoing challenges and volatility in both the crypto and traditional financial markets.

Strong U.S. Jobs Data Leads to Bitcoin Decline

The dip in Bitcoin’s price was also attributed to the US NFP data, as investors reacted to stronger-than-expected U.S. jobs data.

This data indicated a resilient labor market, potentially delaying any Federal Reserve interest rate cuts.

As a result, the dollar’s value improved, dampening hopes of Bitcoin reaching an all-time high before the weekend.

Key Points:

The U.S. Labor Department reported a robust addition of 272,000 jobs in May, pushing the unemployment rate to 4.0%.
This unexpected strength in employment reduced expectations for near-term rate cuts, impacting risk-on assets like cryptocurrencies, emerging market stocks, bonds, and commodities.

In summary, the stronger-than-expected U.S. jobs data signalled a resilient labour market and delayed Federal Reserve rate cuts, leading to investor caution and contributing to Bitcoin’s decline.

Bitcoin Price Prediction

Bitcoin is currently trading at $69,313, showing a minor increase of less than 0.10%. The key pivot point is at $68,550, a critical level where the market trend could change, and it’s keeping Bitcoin price prediction bullish.

Bitcoin Price Prediction – Source: Tradingview

Above this pivot, the outlook remains bullish. Immediate resistance levels are at $69,728, $70,643, and $71,961, where Bitcoin might encounter selling pressure. On the downside, support levels are at $67,570, $66,620, and $65,881, providing potential buying interest.

The Relative Strength Index (RSI) is at 41, indicating a neutral market stance without strong buying or selling pressure. The 50-day Exponential Moving Average (EMA) at $69,689 acts as a resistance point, suggesting it may be challenging for Bitcoin to rise above this level.

An upward trendline is supporting Bitcoin near the $68,500 level, reinforcing the bullish outlook. However, if Bitcoin drops below $68,556, there could be sharp selling, leading to a significant price decrease.

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Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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