Analysis: Bitcoin failed to follow gold's pump, facing a test of the 91600 USD support level.

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Odaily News Bitcoin price is close to the monthly low before the US stock market opens on May 6, hovering around the support level of $93,500 at the beginning of the year, indicating a lack of direction in the market trend. In contrast, gold prices performed strongly, rising 1.5% in the day and accumulating a weekly increase of 4.4%. Trading firm QCP Capital pointed out that despite the weakening dollar and the strengthening of emerging market currencies (especially the New Taiwan Dollar), the volatility in the crypto market remains low, and the market overall lacks a clear direction. In terms of technical indicators, MACD shows a short-term bearish signal, while the weekly chart may show a bullish crossover. Trader Keith Alan warned that if the current support level is lost, the price of Bitcoin may dip to $91,600, or even into the range of $88,000 to $90,000. The market is currently focused on the Federal Reserve’s interest rate decision and Chairman Jerome Powell’s speech scheduled for May 7.

BTC-2.8%
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