Bitcoin risks sub-$92K retest as BTC price fails to match 4% gold gains
Bitcoin is once more lagging behind relentless gold as the macroeconomic landscape continues to spark surprises — and levels closer to $90,000 may be next.
Key points:
. Bitcoin is struggling again as gold retakes the limelight with week-to-date gains of nearly 5%.
. Bitcoin’s correlation with gold is under scrutiny amid ongoing macroeconomic shifts.
. Traders see a short-term slump amid a wider BTC price rebound.
Bitcoin
BTC $93,723
eyed fresh month-to-date lows into the May 6 Wall Street open as “directionless” crypto markets contrasted with a gold rebound.
Analysis: Bitcoin, crypto “largely directionless”
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum stalling at $95,000 before the latest daily close.
Inching closer to the key yearly open support level at $93,500, BTC/USD appeared caught in limbo while gold returned to outperform.
XAU/USD was up 1.5% on the day at the time of writing, with week-to-date gains already at 4.4%.
Crypto implied vols remain suppressed, with front-end skew drifting back toward neutral and spot largely directionless,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.
QCP noted various swings across the macro spectrum, with the dollar staying lower and emerging market currencies, especially the Taiwanese dollar, surging alongside gold.$BTC