Technical analysis shows a loss of intermediate momentum for Bitcoin as of early May 2024. This indicates a corrective phase that is likely to continue for a few more weeks. However, in the long term, Bitcoin remains bullish.

It should be noted that Bitcoin reached new all-time highs in March 2024. This suggests that once signs of a corrective low appear, the risk-reward ratio will become more favorable for investors.

The analysis shows that most altcoins point down and to the left in the relative rotation chart, which reflects Bitcoin's strong position in the market, especially during the corrective phase. It is expected that most altcoins will eventually enter a growth phase where risky positions become relevant again.