Bitcoin risks sub-$92K retest as BTC price fails to match 4% gold gains
Bitcoin (BTC) approached month-to-date lows ahead of the May 6 Wall Street open, with price momentum stalling at $95,000 and nearing key support at $93,500. Crypto markets remained largely directionless, contrasting with a 1.5% rise in gold (XAU/USD), which had gained 4.4% for the week. QCP Capital noted suppressed crypto implied volatility and a shift in macro dynamics, with the dollar lower and emerging market currencies rising. The analysis indicated a potential decoupling of Bitcoin from gold's safe haven appeal. The Kobeissi Letter observed a correlation between gold and Bitcoin, highlighting a trend towards decentralized assets. Technical indicators showed conflicting signals for BTC, with a bullish weekly MACD but a bearish daily crossing. Traders anticipated volatility surrounding the upcoming Federal Reserve meeting on May 7, with concerns about the yearly open support level holding.
