BTC's drop is inevitable in the short term after the meteoric run. Speculators follow the price. When it keeps running higher, it will draw in more buyers afraid of missing out, that cause it to make new highs until it hits a stumbling block, then consolidation happens - distribution, and no longer goes higher and starts falling, and people follow the price starts taking profit....so it falls. It will fall until we reach next consolidation zone to go sideways for awhile, then determine which way it goes.
But yes, in short, BTC is highly correlated with the tech rally. Its fall is a sign that exuberance is waning. We'll see if Powell does more damage tomorrow morning.
