IMPORTANT Read Full I believe that this dump was caused by a few factors.
1. Profit taking by traders who entered yesterday before the Breakout, taking profit at the re-test of yesterday's high.
2. Market Maker's trying to trap the late longs as shown on the candle, who tried to enter at Market Price thinking they were entering before a new ATH (As we move towards yesterday's ATH)
3. MM looks for the best exit liquidity and a re-test of yesterday's resistance seemed to be the best place.
Having said these, I don't think this is a reversal of a trend, but a meagre long trap, profit taking at liquidity event.
Net long is still around 800 Million and it can't be said that there's been a huge liquidation event.
This should be expected as the rally has been leverage led (Thanks to Stupid youtubers constantly asking their followers to trade with 60x)
So a blow of steam was expected.
Even if BTC comes down to 21 EMA on the weekly, the bias is slow Bullish.
Exits and late longs been been marked.
