That’s more the technical side on a fundamental side some red flags were insane demand by ETFs and MSTR yet lackluster price action. A lot of early bitcoiners sold a shit ton, so either a/ lost faith in bitcoin or b/ getting out expecting to buy back lower. Whales are not dumb they are whales for a reason so either way it looks bearish. There is also all the core / knots drama which is very bad for sentiment. We also had a very bearish Q4 which is typically fireworks time, this coinciding with rate cuts also bullish, the fact that these bullish news events were met with bearish price action is a clear sign. It a bull market the price shrugs off bearish news and climbs higher in a bearish market it shrugs off bullish news and goes lower.