Source: Cointelegraph
Original: “Bitcoin (BTC) price fails to match gold's 4% gain, risks dropping below $92,000”
Key Points:
Bitcoin (BTC) is once again in trouble, while gold regains market focus, with a nearly 5% increase so far this week.
As the macroeconomic situation continues to change, the correlation between Bitcoin and gold is under close market scrutiny.
Trading analysts point out that despite the overall recovery trend in Bitcoin prices, it may still face lackluster performance in the short term.
Bitcoin (BTC) approached a new monthly low before Wall Street opened on May 6, contrasting sharply with the strong rebound in gold amid a "lack of clear direction" in the cryptocurrency market.
Data from Cointelegraph Markets Pro and TradingView shows that BTC price momentum has stalled around the $95,000 mark, failing to break through before the latest daily close.
The BTC/USD trading pair is gradually approaching the key annual opening support level of $93,500, with the market seemingly in a wait-and-see mode, while the gold market continues to outperform cryptocurrencies.
As of the time of writing, XAU/USD has risen 1.5% on the day, with a cumulative increase of 4.4% for the week.
"Implied volatility in cryptocurrencies remains suppressed, with front-end skew gradually returning to neutral levels, and the spot market overall lacks clear direction," trading firm QCP Capital stated in its latest market briefing to Telegram channel subscribers.
QCP noted multiple fluctuations in the macro market, with the dollar continuing to weaken, while emerging market currencies, especially those in Taiwan, have risen strongly alongside gold.
"At the same time, the turmoil in the forex market coincides with Monday's nearly 3% significant rise in gold, as investors lean towards a narrative of a weakening dollar and have priced in geopolitical risk premiums, including potential U.S. trade diplomacy factors," the briefing continued.
Given that Bitcoin has not followed this trend, QCP expects the next phase to show an "increasingly apparent bifurcation trend," one possibility being that BTC "decouples from gold's safe-haven demand and re-associates with broader risk assets."
However, market analysis firm The Kobeissi Letter believes that the market pattern of "gold first, then Bitcoin" will continue.
"In April, Bitcoin began to follow gold's rise, marking the first significant correlation in months. From April 7 to 21, gold rose by 15%, accompanied by a 12% increase in Bitcoin," the firm noted in an analysis released on May 5 on platform X.
"The market's enthusiasm for decentralized and anti-inflation assets is strong. This trend is worth continued attention."
Analyzing technical data, Bitcoin traders indicate that BTC/USD may temporarily pause in a broader recovery process.
Evidence for this view comes from the Moving Average Convergence Divergence (MACD) indicator, which measures trend strength and shows conflicting signals across longer and shorter time frames.
btc Weekly MACD is about to form a bullish crossover from a strong position… pic.twitter.com/x2JjK9rHNW
— dave the wave🌊🌓 (@davthewave) May 6, 2025
Renowned trader Dave The Wave revealed bullish signals in the weekly MACD, while the daily performance confirmed a bearish crossover below the zero line.
"BTC is consolidating between last week's highs and lows, waiting for tomorrow's FOMC meeting and Jerome Powell's speech. Meanwhile, the daily MACD is forming a bearish crossover, indicating that momentum is weakening," another trader, Titan of Crypto, summarized.
His post referenced this week's key macroeconomic event—the Federal Reserve's interest rate decision meeting on May 7.
Previously, Keith Alan, co-founder of trading resource platform Material Indicators, warned investors that Bitcoin's annual opening price may struggle to hold as a support level.
"In short, I would be surprised if the annual opening price can hold," he told followers on platform X.
"While I am prepared for the price to potentially pull back to the $88,000-$90,000 range, I believe the target price for this week is likely around the $91,600 level near the 21-day moving average."
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research before making decisions.
Related: Bitcoin (BTC) expected to see a price surge to $150,000, U.S. and China agree to cut tariffs.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
