BTC prices fell to a two-month low of $59,130 ​​in early trading on May 1. This is the first time the asset has fallen to this level since late February.

Analysts are watching the next levels and the bottom of the expected market correction.

This is the fourth correction of this magnitude in the last 12 months.

It is also noted that corrections in previous bull cycles were much larger in scale, so there may be more pain before the rally resumes.

The overall market capitalization is down 6.4% in the last 24 hours, with approximately $135 billion leaving the space.

As usual, the main blow fell on altcoins.

The market decline followed news that former Binance CEO Changpeng Zhao was sentenced to four months in prison.