Bitcoin risks sub-$92K retest as BTC price fails to match 4% gold gains

1 month ago

Key points:

Bitcoin is struggling again arsenic golden retakes the limelight with week-to-date gains of astir 5%.
Bitcoin’s correlation with golden is nether scrutiny amid ongoing macroeconomic shifts.
Traders spot a short-term slump amid a wider BTC terms rebound.

Bitcoin (BTC) eyed caller month-to-date lows into the May 6 Wall Street unfastened arsenic “directionless” crypto markets contrasted with a golden rebound.

Analysis: Bitcoin, crypto “largely directionless”

Data from Cointelegraph Markets Pro and TradingView showed BTC terms momentum stalling astatine $95,000 earlier the latest regular close.

Inching person to the cardinal yearly unfastened enactment level astatine $93,500, BTC/USD appeared caught successful limbo portion golden returned to outperform.

XAU/USD was up 1.5% connected the time astatine the clip of writing, with week-to-date gains already astatine 4.4%.

“Crypto implied vols stay suppressed, with front-end skew drifting backmost toward neutral and spot mostly directionless,” trading steadfast QCP Capital wrote successful its latest bulletin to Telegram transmission subscribers.

QCP noted assorted swings crossed the macro spectrum, with the dollar staying little and emerging marketplace currencies, particularly the Taiwanese dollar, surging alongside gold.

“At the aforesaid time, the FX shakeup coincides with a astir 3% surge successful golden connected Monday, arsenic investors thin into the weaker-dollar communicative and terms successful geopolitical hazard premia, including prospective US commercialized diplomacy,” it continued.

With Bitcoin yet to travel suit, QCP saw an “increasingly binary” adjacent phase, with 1 result being that BTC “decouples from gold’s harmless haven bid and relinks with broader hazard proxies.”

In its own analysis, trading assets The Kobeissi Letter nevertheless saw the “first gold, past Bitcoin” communicative sticking.

“In April, Bitcoin joined the golden run, expanding correlation for the archetypal clip successful months. Between April 7th and April 21st, golden surged +15% on with +12% successful Bitcoin,” it observed successful an X thread connected May 5.

“The formation to decentralized and inflation-protected assets is strong. Keep watching this trend.”

MACD gives BTC bulls intermission for thought

Examining method data, Bitcoin traders suggested that BTC/USD whitethorn beryllium pausing wrong a broader comeback.

Evidence for this came from the moving mean convergence/divergence (MACD) indicator, a measurement of inclination spot that gave conflicting signals connected longer and shorter timeframes.

#btc play MACD astir to transverse bullishly from a presumption of strength... pic.twitter.com/x2JjK9rHNW

— dave the wave🌊🌓 (@davthewave) May 6, 2025

Popular trader Dave The Wave revealed a bullish awesome connected the play MACD, portion regular behaviour confirmed a bearish crossing beneath the zero line.

“BTC is consolidating betwixt past week’s precocious and low, awaiting tomorrow’s FOMC gathering and Jerome Powell’s speech. Meanwhile, the regular MACD is crossing bearish, signaling slowing momentum,” chap trader Titan of Crypto summarized.

His station referred to the week’s key macro event, the gathering of the Federal Reserve to determine connected involvement complaint changes, owed connected May 7.

Earlier, Keith Alan, co-founder of trading assets Material Indicators, warned that the yearly unfastened was improbable to clasp arsenic support.

“To summarize, I'll beryllium pleasantly amazed if the YO holds,” helium told X followers.

“While I'm prepared for a wick to to $88k - $90k range, I deliberation the $91.6k level astir the 21 MA is simply a apt people this week.”

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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