As the price of Bitcoin (BTC) bounces back from a low of under $59,000, investors are being urged to "buy the dip" and potentially reap the benefits of a relief rally in the coming days. This call to action comes as the cryptocurrency market is gripped by a mix of fear, uncertainty, and doubt (FUD) following a 5.4% drop in the last 24 hours, which has brought the market capitalization to $1.19 trillion.

The recent price drop has led to a surge in calls to "buy the dip," indicating a growing sense of polarization among traders. This sentiment is reminiscent of a similar trend observed in late January, when Bitcoin's price rebounded significantly after testing the 100-day Exponential Moving Average (EMA) with the Relative Strength Index (RSI) dipping to 36. However, investors are cautioned to be vigilant, as a sustained close below the 100-day EMA could potentially signal a downward movement toward the 200-day EMA, which is at the $52,000 level.

The recent downturn in Bitcoin's price, which saw it drop to $60,000 for the first time since April 18th, has been attributed to resurfacing concerns about inflation in the United States. This decline 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.

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.