It's tough to say. Is this a "sell the news" event? Some traders were definitely expecting a B2X "dividend" which was trading at ~15% of the price of BTC. That's not happening anymore, so some of those traders are selling because of that. Others were also waiting for the fork to reenter alts, and they can do that now.

It looks to me like the initial selling wave is over, and that we will see some sideways action in BTC. That should result in eventual new highs, but in the meantime, I'm looking at alts. I think there's some relief rallies on the horizon.