Bitcoin unexpectedly lost more than 10% in price over this correction. But there was no sign of any major distribution. Huge volumes were accumulated around 47k and price bounced back from this level. This was merely a stop hunt for longs and all volumes sold were bought aggressively.
We should watch for trend line. In case it doesn't hold BTC, we might see a drop to 38k. But most likely BTC will make a new ATH after this small correction as sometimes it is fruitful for market growth to accumulate shorts which act as fuel for growth.