Bitcoin's Price Nears Monthly Low Amid Market Uncertainty

According to Odaily, Bitcoin's price approached its monthly low on May 6, just before the U.S. stock market opened, hovering near the annual opening support level of $93,500. This indicates a lack of clear market direction. In contrast, gold showed strong performance, rising 1.5% on the day and accumulating a 4.4% gain for the week. Trading firm QCP Capital noted that despite a weaker dollar and stronger emerging market currencies, particularly the New Taiwan Dollar, the cryptocurrency market's volatility remains low, with no clear market direction. Technical indicators reveal a short-term bearish signal from the MACD, while the weekly chart suggests a potential bullish crossover. Trader Keith Alan warned that if the current support level fails, Bitcoin's price could drop to $91,600 or even fall within the $88,000 to $90,000 range. The market is currently focused on the upcoming Federal Reserve interest rate decision and the speech by Chairman Jerome Powell scheduled for May 7.