In a fragile market, every external factor is important. But it can be said for sure that the core reason is that the entire market is still paying off the historical high that came ahead of schedule. Historically, BTC has experienced a long adjustment period before and after the three halvings. The adjustment after the last halving took more than 6 months, and this rapid rise is no exception. The good news is that the market has once again provided investors with a window of opportunity to get on board calmly.