The price of Bitcoin (BTC) has been retreating from its record high of around $73,800 for over a month, and its performance on May 1 is no different.

BTC's price declined by over 7% intraday to around $56,550, its lowest level since February. The cryptocurrency has now declined approximately 23.40% from its record high, signaling a potential shift in market sentiment as more traders begin to lock in profits, possibly in anticipation of a bearish reversal.

BTC/USD daily price chart. Source: TradingViewSource: XUS10Y daily performance chart. Source: TradingViewBitcoin ETF flow table. Source: Farside InvestorsCrypto market's liquidation heatmap. Source: CoinglassBitcoin OI in recent weeks. Source: CoinglassBitcoin funding rate in recent weeks. Source: CoinglassBTC/USD daily price chart. Source: TradingView