Bitcoin faces headwinds as gold exhibits a gain of approximately 5% this week. This divergence raises questions regarding BTC’s correlation with gold amid shifting macroeconomic conditions.
The crucial support level for BTC/USD stands at 93,500 USD, which is nearing fresh monthly lows. This situation indicates challenges for Bitcoin as it attempts to find stability in a volatile market.
Traders are anticipating a short-term slump for Bitcoin, as the MACD indicators present mixed signals. The market remains cautious as traders await critical data from the Federal Reserve’s interest rate meeting on May 7.
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