$BTC

Bitcoin is getting close to its monthly low again, trading around the $93,500 level just before the U.S. markets opened today (May 6). It’s sitting right near the yearly opening support, which shows the market doesn’t really have a clear direction right now. On the other hand, gold is doing pretty well—up 1.5% today and gaining 4.4% over the past week.

QCP Capital pointed out that even though the U.S. dollar is weaker and some emerging market currencies like the New Taiwan Dollar are stronger, crypto volatility is still pretty low. The MACD is showing a short-term bearish signal, but the weekly chart hints there might be a bullish crossover coming.

Trader Keith Alan said if Bitcoin drops below current support, we could see a dip to $91,600—or possibly down into the $88K–$90K zone. A lot of attention is now on the Fed's interest rate decision and what Jerome Powell will say in his speech tomorrow (May 7).