Bitcoin Price Prediction as Crypto Prices Crash Following ‘Roaring Kitty’s’ YouTube Livestream – Where is the Next Support?
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 (BTC), the leading cryptocurrency, dropped to an intraday low of $68,507, coinciding with ‘Roaring Kitty’s’ YouTube livestream.
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:
This highlights the ongoing challenges and volatility in both the crypto and traditional financial markets.
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.
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