Related: Bitcoin eyes gains as macro data makes US recession 2025 ‘base case’Evidence for this came from the moving average convergence/divergence (MACD) indicator, a measure of trend strength that gave conflicting signals on longer and shorter timeframes.#btc weekly MACD about to cross bullishly from a position of strength...pic.twitter.com/x2JjK9rHNW— dave the wave🌊🌓 (@davthewave) May 6, 2025Popular trader Dave The Wave revealed a bullish signal on the weekly MACD, while daily behavior confirmed a bearish crossing below the zero line.“BTC is consolidating between last week’s high and low, awaiting tomorrow’s FOMC meeting and Jerome Powell’s speech.
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.
With Bitcoin yet to follow suit, QCP saw an “increasingly binary” next phase, with one outcome being that BTC “decouples from gold’s safe haven bid and relinks with broader risk proxies.”In its own analysis, trading resource The Kobeissi Letter nonetheless saw the “first gold, then Bitcoin” narrative sticking.“In April, Bitcoin joined the gold run, increasing correlation for the first time in months.
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Author / Journalist: Cointelegraph by William Suberg
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