Most of the market believes that some of the reasons for the decline are as follows:

MTGOX refunds will begin this month.

The German government continues to sell Bitcoin.

The United States began selling Silk Road assets.

Yesterday's JOLTS data reflected a tough stance on employment.

PMI data continues to reflect economic strength.

Fed Chairman Powell was not optimistic about this year's interest rate cuts yesterday.

Many friends are worried that the decline is related to the US government, the German government, Mentougou, etc., but from the actual transfer to the exchange sales data, the transfer volume was actually shockingly low for the three working days this week, and the selling pressure was the lowest point in the past six months, so the selling is not the main reason for the decline in BTC prices.

The main reason is still the lack of liquidity and purchasing power.