On Tuesday (May 6), Bitcoin faced pressure near $94,500, as fears over U.S. President Trump's tariffs resurfaced.
They have proposed imposing a 100% tariff on overseas film production, and actions on pharmaceutical tariffs are also anticipated.
Billionaire and Tesla CEO Elon Musk changed his official Twitter account profile picture to a 'gork' themed meme on Monday (May 5), and changed his name to Gorklon Rust. The new meme coin of the same name, Gorklon Rust, surged over 400% without warning after launching on the Solana public chain.
The name 'Gorklon Rust' seems to be a blend of multiple meanings, with 'Grok' being an AI chatbot developed by Musk's xAI company.
The name of the robot, with 'Rust' possibly referring to the Rust programming language, which is reportedly a part of the xAI tech stack.
'Gorklon Rust' is also associated with a meme coin on the Solana blockchain, currently trading on platforms like PumpSwap, Raydium, and Meteora.
Industry news
1. The probability of the Federal Reserve maintaining interest rates unchanged in May is 97.3%;
2. Tether Treasury minted an additional 1 billion USDT on the Tron chain;
3. The U.S. SEC has delayed its decision on the Canary spot Litecoin ETF;
4. Solana has fixed a vulnerability that could allow attackers to mint and steal tokens indefinitely;
5. The draft for the U.S. digital asset regulatory framework bill has been released;
6. BlackRock holds over $5 billion in Bitcoin-related stocks;
7. U.S. Treasury Secretary Basent: A trade agreement could possibly be reached as early as this week.
Review and analysis of Bitcoin market on May 6, 2025
The daily line closed with a small bearish candle yesterday, down 1.78%, a total decline of $1,700, currently priced at $94,700, which is an increase of $700 compared to $94,000 when I analyzed yesterday. I mentioned that $94,000 is a support level, and again near $92,000. $94,000 held yesterday, and the price is below the 5-10 day moving average. KDJ's three lines are diverging, and the daily line continues to maintain a consolidating trend. Looking at the larger weekly timeframe, I still suggest a long strategy.
Since the drop from $97,865, there hasn't been a proper pullback, the lowest yesterday was around $93,500, currently, the 4-hour chart is supported near $94,000, forming a red three soldiers pattern, KDJ's golden cross is upward, and trading volume has noticeably increased. During the day, the upper target is around the daily resistance at $95,700, overall still leaning towards low buying.
Today's Bitcoin trading advice
Continuing with yesterday's strategy: it is recommended to build a position around $94,000 for the first time, and then add once more near $92,000. Stop-loss at $89,900 and take profit at $98,500. Position size can be 3%.
Finally, I would like to express my stance:
I believe the Alpha on Binance is not just about extracting profits, but more of an opportunity, possibly a big opportunity.
In fact, it provides a buffer zone for retail investors who feel that the secondary market's gains are insufficient, are continuously declining, or are worried that on-chain coins can easily go to zero. Many Alpha coins do not compete strongly in PVP, so you can hold them overnight with peace of mind, and their market cap is still low, with expected room for appreciation, and there may even be opportunities for listing on Binance contracts and spot trading.
This way, both secondary market and on-chain traders can participate, and the more trading there is, the more airdrops can naturally be obtained. Extracting airdrops is just a bonus; making money is the most important.
Donkey and babydonkey, do you think what I said makes sense?
