For me, it's not bearish yet, there are circumstances that actually affect the crypto market and one of the reason is the hashrate drop. This massive correction may be normal or common to someone but with the that actual drop after Bitcoin reached the $64k ATH. I think someone is dumping their holdings that resulted in this huge decline in the market.
While some news are adding fuel to the fire to make the market worst this is what the journalist doing these days to catch attention, they need to make FUD to the current situation.
And the evidence is proving you right, people rush to make all kind of conclusions about why the market behaves the way it does and why the price went down not realizing this tells us more about themselves than about the market.
This is nothing more but a trick of the whales, they are trying to shake out the weak hands and get their bitcoin, if you sell now then you are going to miss on the explosive growth that will come at the end of the year, so people need to be strong and hold their coins no matter what because if the do not then they will see bitcoin reaching new heights and they will have no bitcoin to take advantage of the situation at the time.
Market had always been like this and if you've been here for a while then you can determine on what are those movement been made of, you can eventually point out some sort
of manipulative movement if you do really see and check the fundamentals.It might a little bit lit but its there and as a small fry investor then you should know on how to ride
with the waves for your own benefit rather than on trying to go against with it.There are really news that do pops out from nowhere unexpectedly then after that the
market do mainly reacts but its not guaranteed thats why you should really be that attentive on what further actions you would do.
And there is no reason to think this is going to change, whales exist in any market and they can move the market as they please, in fiat markets there are some restrictions to their movements but if several of them act at the same time they can still move the markets.
However in a market that is unregulated as this one their power can be exercised more freely and they can take advantage of it in an easier way, so people need to always look at the market and think if what we are seeing makes sense, and if it does not then most likely we are in a movement where the whales are manipulating the market to their benefit, and what better evidence this is the case than the crash we saw and the fact bitcoin recovered almost immediately proving this was a movement of the whales to scare people out and get their coins for cheap.
