According to Odaily, Bitcoin's price approached its monthly low on May 6, just before the U.S. stock market opened, hovering near the annual opening support level of $93,500. This indicates a lack of clear market direction. In contrast, gold showed strong performance, rising 1.5% on the day and accumulating a 4.4% gain for the week. Trading firm QCP Capital noted that despite a weaker dollar and stronger emerging market currencies, particularly the New Taiwan Dollar, the cryptocurrency market's volatility remains low, with no clear market direction.
Technical indicators reveal a short-term bearish signal from the MACD, while the weekly chart suggests a potential bullish crossover. Trader Keith Alan warned that if the current support level fails, Bitcoin's price could drop to $91,600 or even fall within the $88,000 to $90,000 range. The market is currently focused on the upcoming Federal Reserve interest rate decision and the speech by Chairman Jerome Powell scheduled for May 7.
