Reason behind the $BTC dump.

After the CPI data came in higher than expected, the market started going down.

This #CPI data was very crucial, as the market was anticipating a first rate cut in June.

After the recent data, it's highly probable that there will be no rate cuts in June.

In the recent meeting, Jerome Powell clearly said that the FED wants to see inflation go down before they'll plan rate cuts.

Also, Fed swaps have shifted the full pricing of rate cuts to November from September. 

So, if there's no other narrative, expect the broader market to go down.