what is causing sharp freefall?

[ggbtctalk000]

along with djia sp500 nasdaq, normally crypto should go up sharply as save haven but not this time!! What is happening??? I had few holdings and about 33% of peak when it has surpassed 10k$!!

[hatshepsut93]

Why do you say "normally"? Bitcoin never really was a safe heaven in the first place, it was just a theory, there was no established correlation between Bitcoin and stocks or other markets. There's really nothing special here, this is just how Bitcoin is - wild and unpredictable, it can go down when people are bullish or shoot to the moon when people are bearish. I've been observing this market since 2016 and this is not the first time when the market has huge swings in a span of hours or even minutes.

But if you really want a reason, then I'd say it's the failure to break past the $10,000 resistance - not only it's way below the ATH, it's also below the last year's peak of $13,500 - so the market wasn't quite bullish yet.