It is a bit baffling but this isn't the first time I have seen this in bitcoin. I do think there are a lot of shorts in the market right now. I think short term traders currently control the price and it will be range bound until we get more macro clarity.

Gold has had a great year so that has probably sucked some potential demand from bitcoin. Unfortunately, Bitcoin is still seen as a risk asset.

I expect within a few months we are probably significantly higher or lower depending what has gone on in the world.