Analysis: Bitcoin Fails to Follow Gold's Rise, Faces $91,600 Support Test

Bitcoin prices approached the monthly low before the U.S. stock market opened on May 6, hovering near the year-to-date opening support level of $93,500, indicating a lack of direction in market trends. In contrast, gold prices performed strongly, rising 1.5% on the day and accumulating a 4.4% gain for the week. Trading firm QCP Capital pointed out that despite a weaker dollar and stronger emerging market currencies (particularly the New Taiwan Dollar), cryptocurrency market volatility remains low, and the market as a whole lacks clear direction. In terms of technical indicators, the MACD shows a short-term bearish signal, while the weekly chart may see a bullish crossover. Trader Keith Alan warned that if the current support level is breached, Bitcoin prices could fall to $91,600 or even the $88,000 to $90,000 range. The market is currently focused on the upcoming Federal Reserve interest rate decision and Chairman Jerome Powell's speech on May 7. (Cointelegraph)