It's down ~2.5% to a level last seen ... a week ago.
That is not "sharply" by any stretch of the imagination.
That is not "sharply" by any stretch of the imagination.
https://i.imgur.com/GSFU7Mu.png
Just your average market fluctuation, or at worst an overreaction and immediate correction. It's best not to try to predict long term market cycles from the 1h candles.