Bitcoin (BTC), the leading cryptocurrency, encountered a notable decline to an intraday low of approximately $68,500, coinciding with the highly anticipated YouTube livestream hosted by Keith Gill, famously known as “Roaring Kitty.” Despite attracting over 600,000 viewers, the livestream failed to rejuvenate market enthusiasm, contributing to Bitcoin's downturn.

The drop in Bitcoin's price was further influenced by a stronger-than-expected non-farm payroll (NFP) report for May, which revealed the addition of 272,000 new jobs, strengthening the US dollar and dampening hopes for a Federal Reserve interest rate cut. This development impacted Bitcoin price predictions and overall market sentiment, leading to a 3% drop in the crypto market, with Ethereum (ETH) and other altcoins also experiencing declines.

Key Highlights from ‘Roaring Kitty’s’ Livestream and Market Impact:

Event: Keith Gill, known as “Roaring Kitty,” hosted his first livestream in three years, focusing on GameStop (GME.N) and its future prospects.

Pre-Livestream: GameStop shares surged nearly 50% in anticipation of the event.

Post-Livestream: Shares dropped nearly 40% following the announcement of a $3 billion share sale, reflecting market volatility.

Trading Volume: GameStop shares saw $10 billion worth of transactions, underscoring the speculative nature of financial markets.

Bitcoin’s decline coincided with the release of the US NFP data, which indicated a resilient labor market and reduced expectations for near-term rate cuts by the Federal Reserve. As a result, the dollar strengthened, impacting risk-on assets like cryptocurrencies.

Key Insights from the US Jobs Data:

The US 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 Federal Reserve rate cuts, affecting risk-on assets such as cryptocurrencies.

Bitcoin Price Prediction and Technical Analysis:

Bitcoin is currently trading at $69,313, showing a minor increase, with a key pivot point at $68,550. The outlook remains bullish above this pivot, with immediate resistance levels at $69,728, $70,643, and $71,961. 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, while the 50-day Exponential Moving Average (EMA) at $69,689 acts as a resistance point.

While Bitcoin grapples with market volatility, innovative projects like Wiener AI (WAI) are gaining traction, offering advanced AI-powered trading tools and strong investor interest.

In conclusion, Bitcoin's decline amidst the ‘Roaring Kitty’ livestream and strong US jobs data highlights the ongoing challenges and volatility in both traditional and crypto markets, with investors closely monitoring developments for potential market shifts.