What's the reason for this sudden drop ?
No ETF rejection, no more BU shilling, exchanges are still closed in China ?
Simple T/A.
Market had become overbought at the higher ranges (12 hour, 1 Day) after passing around $1010. It continued on up due to positive momentum at the lower ranges.
Once the 6-hour, 4-hour MACD crossed to the downside it was inevitable that a correction was required to consolidate. That triggered the correction at the longer ranges as well, so consolidation now in progress.