Key points:
Bitcoin and gold trade in lockstep on low timeframes as macro volatility triggers heighten.
The Federal Reserve interest rate decision and news conference are just hours away.
Market sentiment for rate cuts in 2025 decreases sharply ahead of the FOMC meeting.
Bitcoin (BTC) saw a flash short-term trend change on May 7 as geopolitical triggers gave risk assets fresh volatility.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBitcoin traders eye Fed for “tone changes”
Data from Cointelegraph Markets Pro and TradingView showed an abrupt turnaround for BTC/USD after the pair dipped under $94,000 to set new May lows.
The previous day’s Wall Street trading session set the stage for a return to strength, even as stocks finished lower.
XAU/USD 4-hour chart. Source: Cointelegraph/TradingView
Bitcoin and gold reached local highs of $97,700 and $3,435, respectively, before consolidating.
News of tensions boiling over