Bitcoin's recent drop also seems very "deliberate." Comparing the trends of Nasdaq and Bitcoin, they were mostly synchronized for a long period, but this round of decline, Bitcoin clearly dropped more and faster. This sharp decline doesn't resemble natural selling; it looks more like an attempt to quickly reach a certain goal: to trigger a short squeeze and force people to cut losses.

From the peak, Bitcoin has fallen nearly 30%, and the underlying selling pressure might be between 150,000 and 300,000 coins. Based on an 80,000 cost basis, that's about $24 billion in funds, which is beyond what retail investors or small institutions can handle.