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<p>One day before the commencement of the FOMC meeting on Wednesday, May 1, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC) price</a> saw significant selling pressure. At the time of reporting, Bitcoin is trading at $60,189, marking a decrease of 5.4% and bringing its market capitalization to $1.19 trillion</p> 
<h3 id="bitcoin-price-rebound-likely-as-buy-the-dip-calls-surge">Bitcoin Price Rebound Likely As Buy The Dip Calls Surge</h3> 
<p>With a nearly 6% Bitcoin price drop in the last 24 hours, there’s a very high level of fear, unrest, and doubt (FUD) among traders which suggests that the BTC relief rally could be around the corner.</p> 
<p>In a recent analysis, cryptocurrency expert Ali Martinez highlighted a significant trend concerning Bitcoin’s price dynamics. Martinez pointed out that the last time Bitcoin tested the 100-day Exponential Moving Average (EMA) with the Relative Strength Index (RSI) dipping to 36 was in late January, which subsequently triggered a substantial price rebound. Now, Bitcoin finds itself once again at these critical levels.</p> 
<figure id="attachment_194542" aria-describedby="caption-attachment-194542" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-194542" src="https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart.jpeg" alt="" width="2209" height="1510" srcset="https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart.jpeg 2209w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-300x205.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-1224x837.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-768x525.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-1536x1050.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-2048x1400.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/BTCUSD-Technical-chart-150x103.jpeg 150w" sizes="(max-width: 2209px) 100vw, 2209px">
 <figcaption id="caption-attachment-194542" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1785346977326043627" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<p>However, Martinez cautioned investors to be vigilant, suggesting that a sustained close below the 100-day EMA could potentially indicate a downward movement toward the 200-day EMA, which is at the $52,000 level.</p> 
<p>In today’s development, the BTC price took a dip under $59,000, however, quickly recovered above $60,000 once again. According to insights from on-chain analytics firm Santiment, Bitcoin experienced a drop to $60,000 for the first time since April 18th, attributed to resurfacing concerns about inflation in the United States. This downturn has coincided with a notable increase in mentions of Bitcoin and calls to “buy the dip,” indicating a resurgence of polarization among traders in the market.</p> 
<figure id="attachment_194543" aria-describedby="caption-attachment-194543" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-194543" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip.jpeg" alt="" width="2560" height="1765" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip.jpeg 2560w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-300x207.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-1224x844.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-768x530.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-1536x1059.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-2048x1412.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Buy-the-Dip-150x103.jpeg 150w" sizes="(max-width: 2560px) 100vw, 2560px">
 <figcaption id="caption-attachment-194543" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure> 
<h3 id="a-poor-closing-to-april">A Poor closing to April</h3> 
<p><a href="https://coingape.com/bitcoin-faces-182m-outflows-amid-cooling-etf-demand-bloomberg/" target="_blank" rel="noopener">Bitcoin’s performance</a> during the last month of April was the worst since the FTX collapse back in November 2022. In April, the leading cryptocurrency experienced a significant downturn, dropping nearly 16%. This decline followed a surge in enthusiasm for US spot Bitcoin exchange-traded funds (ETFs), which had previously propelled the token to a peak of nearly $74,000 in March.</p> 
<p>Despite high anticipation, the debut of <a href="https://coingape.com/hong-kong-bitcoin-and-ethereum-etf-record-only-12-million-volume-on-day-1/" target="_blank" rel="noopener">Bitcoin and Ether ETFs in Hong Kong</a> on Tuesday did not generate the expected momentum. The trading volume for these six vehicles amounted to $12.7 million on the first day, a substantial figure locally but notably lower than the $4.6 billion achieved by US products upon their launch in January.</p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-relief-rally-likely-as-buy-the-dip-calls-surge/">Bitcoin (BTC) Price Relief Rally Ahead As ‘Buy The Dip’ Calls Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Relief Rally Ahead As ‘Buy The Dip’ Calls Surge

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