coinpedia.org
For the first time since September 2023, Bitcoin’s (BTC) price had a red monthly close in April 2024, which coincided with its halving month. Bitcoin price dropped around 15 percent in April to close the month trading about $60,590. The flagship coin has since continued with the bearish outlook and slipped more than 6 percent in the past 24 hours to trade around $57,500 on Wednesday.
The sudden Bitcoin price dip has increased crypto fear and triggered a general selloff. Among the top 50 altcoins by market capitalization, only Cosmos Hub (ATOM) and Optimism (OP) have registered gains in the past 24 hours.
As a result, more than $437 million was liquidated from the crypto market in the past 24 hours, mostly involving long traders.
Why Prepare for Further Bitcoin Choppy Days Ahead
After hyping the recent Bitcoin halving combined with the approval of spot BTC ETFs in the United States and Hong Kong, it is safe to assume the events have turned into a sell-the-news scenario. Nonetheless, a significant portion of crypto investors have been caught unawares after the recent fear of missing out (FOMO) fueled by a buy-the-dip narrative.
$BTC Daily
— The Wolf Of All Streets (@scottmelker) May 1, 2024
Broke and retested range lows as resistance. Nothing but air until around $52,000 on the chart.
My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold.
Almost there now, all lower time frames oversold.
This… pic.twitter.com/5YZTWipBo8
According to a popular crypto analyst alias The Wolf of All Streets, there is no major resistance level to prevent Bitcoin price from retesting the area around $52k. Despite the Relative Strength Index (RSI) on the lower time frames hovering in the oversold region, the weekly RSI did not manage to reach the oversold area during the past month’s correction.
As a result, the crypto analyst highlighted that Bitcoin price will continue to correct further until the range between 30-40 percent is attained.