#BTCUSDTTrading view
Bitcoin price is declining and retesting the $50,800 support. A breakout of this area could be detrimental not only for BTC but also for altcoins, which are likely to pull back further.
The impressive performance of Bitcoin ETFs over the past few weeks is a factor to consider before calling Bitcoin's next big pullback. SoSoValue's ETF Data shows a whopping $5.39 billion in cumulative total net inflows, with daily total net inflows coming in at $251 million on Thursday.
The ETF's outperformance means sentiment is positive among both institutional and retail investors. Those who see the long-term outlook of Bitcoin do not prefer to sell due to declines, considering that the halving is approaching.
Therefore, dips are becoming increasingly profitable as traders and investors take both short-term and long-term positions.
The Relative Strength Index (RSI) is neutral but still falling towards oversold territory, indicating that sellers have the upper hand, at least for now.
Traders need to closely watch important levels such as the $50,800 support. The following four-hour candle close could confirm a swing towards the main support at $50,800.
However, regaining $52,000 as a support area could reassure investors that the uptrend is intact. Such a move also means that Bitcoin has the potential to successfully retest the $53,000 resistance and begin its recovery towards $58,000 before the halving.
