24/7 Cryptocurrency News

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

Calls to "buy the dips" in Bitcoin are resurging as BTC rebounds from lows under $59,000, hinting at an imminent relief rally in BTC price.
Published by
Bitcoin (BTC) Price Relief Rally Ahead As ‘Buy The Dip’ Calls Surge

Highlights

  • Bitcoin FUD among traders suggest a relief rally is around the corner.
  • Bitcoin bulls absorb the dips under $59,000 earlier pushing the BTC price back above $60,000.
  • If BTc price fails to recover from 100-day SMA, it can further correct to $52,000.

One day before the commencement of the FOMC meeting on Wednesday, May 1, the Bitcoin (BTC) price 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

Bitcoin Price Rebound Likely As Buy The Dip Calls Surge

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.

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.

Courtesy: Ali Martinez

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.

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.

Courtesy: Santiment

A Poor closing to April

Bitcoin’s performance 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.

Despite high anticipation, the debut of Bitcoin and Ether ETFs in Hong Kong 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.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus

Leading cryptocurrency exchange LBank has signed a historic sponsorship deal with the Argentine Football Association…

September 28, 2025
  • 24/7 Cryptocurrency News

ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers

ASTER dominates decentralized perp trading with $42 billion in daily volume. Meanwhile, Wintermute moved $4.8…

September 28, 2025
  • 24/7 Cryptocurrency News

USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure

Native Markets has staked and locked 200,000 HYPE tokens for three years, making USDH the…

September 28, 2025
  • 24/7 Cryptocurrency News

SEC to Decide on Six Spot XRP ETF Applications in October

The U.S. Securities and Exchange Commission (SEC) is preparing for a key week in October…

September 28, 2025
  • 24/7 Cryptocurrency News

Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL

Ripple has partnered with Ondo Finance to combine traditional finance with blockchain technology. This partnership…

September 27, 2025
  • 24/7 Cryptocurrency News

Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows

Ethereum’s exchange supply has dropped by more than 52% from their 2016 levels, hitting a…

September 27, 2025