Key points:
Bitcoin is struggling again as gold retakes the limelight with week-to-date gains of nearly 5%.
Bitcoin’s correlation with gold is under scrutiny amid ongoing macroeconomic shifts.
Traders see a short-term slump amid a wider BTC price rebound.
Bitcoin (BTC) eyed fresh month-to-date lows into the May 6 Wall Street open as “directionless” crypto markets contrasted with a gold rebound.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewAnalysis: Bitcoin, crypto “largely directionless”
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum stalling at $95,000 before the latest daily close.
Inching closer to the key yearly open support level at $93,500, BTC/USD appeared caught in limbo while gold returned to outperform.
XAU/USD was up 1.5% on the day at the time of writing, with week-to-date gains already at 4.4%.
XAU/USD 1-hour chart. Source: Cointelegraph/TradingView
“Crypto implied vols remain suppressed, with front-end