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Bitcoin Price Nears Monthly Low Amid Market Uncertainty
Bitcoin is nearing its monthly low, trading around its annual opening support level of $93,500 ahead of the U.S. stock market open on May 6. This reflects broader market indecision. While gold surged 1.5% on the day and 4.4% over the week, crypto markets remain subdued despite a weaker U.S. dollar and stronger emerging market currencies. Technical indicators point to short-term bearish momentum via MACD, though the weekly chart hints at a potential bullish reversal. Trader Keith Alan cautions that a break below current support could send Bitcoin to $91,600 or as low as $88,000–$90,000. All eyes are on the Fed's rate decision and Jerome Powell's speech on May 7.
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