Bitcoin Faces Significant Decline Amid Market Volatility and Economic Data: Next Support Level Identified

Bitcoin Faces Significant Decline Amid Market Volatility and Economic Data: Next Support Level Identified

Bitcoin (BTC), the leading cryptocurrency, recently experienced a sharp decline, falling to an intraday low of around $68,500. This downturn coincided with ‘Roaring Kitty’s’ YouTube livestream, which failed to invigorate the market. Adding to the pressure, a stronger-than-expected non-farm payroll report for May, which added 272,000 new jobs, further strengthened the US dollar and dampened hopes for a Federal Reserve interest rate cut. This series of events has significantly impacted Bitcoin’s price prediction and overall market sentiment, causing Ethereum (ETH) and other altcoins to also see declines, contributing to a 3% drop in the crypto market.

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

Bitcoin’s drop to $68,507 coincided with Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years. The event, which attracted over 600,000 viewers, focused on discussing GameStop (GME.N) and its future, interspersed with jokes, memes, and disclaimers about investment risks.

  • Event Highlights:
    • Pre-livestream: GameStop shares surged nearly 50% following the announcement of the livestream.
    • Post-livestream: Shares dropped nearly 40% after the announcement of a $3 billion share sale, closing at $28.22.
    • Trading volume: GameStop saw $10 billion worth of transactions, second only to Nvidia and Apple.

Despite the high interest, the livestream failed to boost market enthusiasm. This lack of impact, combined with the robust non-farm payroll report, dampened expectations for a Federal Reserve interest rate cut, affecting Bitcoin price predictions and overall market sentiment.

Strong U.S. Jobs Data Contributes to Bitcoin Decline

The decline in Bitcoin’s price was also attributed to the stronger-than-expected U.S. non-farm payroll data. This data indicated a resilient labor market, potentially delaying any Federal Reserve interest rate cuts, which in turn strengthened the US dollar and negatively impacted Bitcoin.

  • Key Data Points:
    • The U.S. Labor Department reported an 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.

Bitcoin Price Prediction

Currently trading at $69,313, Bitcoin shows 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, maintaining a bullish outlook as long as the price stays above this level.

  • Resistance Levels: Immediate resistance is at $69,728, followed by $70,643 and $71,961.
  • Support Levels: On the downside, support levels are at $67,570, $66,620, and $65,881.

The Relative Strength Index (RSI) stands at 41, indicating a neutral market stance. The 50-day Exponential Moving Average (EMA) at $69,689 serves as a resistance point, suggesting potential difficulty for Bitcoin to rise above this level. An upward trendline supports Bitcoin near the $68,500 level, reinforcing a bullish outlook. However, a drop below $68,556 could lead to sharp selling and a significant price decrease.

Innovative AI Meme Coin Wiener AI Gains Traction

While Bitcoin struggles with market volatility, innovative projects like Wiener AI (WAI) are gaining traction. The meme coin, themed around a sausage dog, offers advanced AI-powered trading tools, adding significant utility. Investors have already contributed $4.99 million to WAI’s presale, indicating strong interest.

  • WAI Highlights:
    • Advanced AI-powered trading tools.
    • Strong investor interest with $4.99 million raised in presale.
    • 20% of the total supply allocated for staking rewards, offering an impressive 396% APY.
    • Market cap under $50 million, with potential for significant returns for early investors.

Crypto analysts, including Michael Wrubel, rate WAI as a top 2024 pick, with a presale price of $0.000716. As Bitcoin faces ongoing challenges and volatility, projects like WAI present promising opportunities for investors looking for innovative and high-potential assets in the crypto space.

Powered by Crypto Expert BD

Follow us on Twitter:

Join our Telegram channel:


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *