There is no news addressing this -5% dump. It's all technical and possibly a Bear Trap. Bitcoin is still above 60k. We can drop as far as 53k and still be bullish but FU.
If I want to sum up everything in one sentence I go like this: CME gap is filled + funding is retest and even negative + great buy wall of bitfinex has been filled + everybody turned bearish at support once again.
I think a restest to ~58k is inevitable with this PA, But then it wouldn't make sense to me if we break below 60k one more time. Levels like 20k, 30k, 60k, are psychological S/R levels and they are meant to be the strongest of all. What kind of bull run is this if we can't go parabolice in November? Is it a scam? Maybe
But remember one thing, 4 weeks ago everyone was bullish when we were at 60k now they are all bearish and calling for more drop to come, I would be sooo disappointed if we indeed fall down to those levels and satisfy 80% of people.
We shouldn't make a daily close below $63500 but are going to do so, cross your fingers, it's gonna be a bumpy road ahead.