Yes and no.

#1: We've had an epic growth period, time for a correction/consolidation.
#2: This is a weekend, market is less bullish on weekends.
     - Because people are doing other things
     - Because banks are closed, not processing transactions - no more fiat coming in to buy, but BTC can still be easily sold = sell pressure
#3: This is a long weekend, meaning at least in the US, people will have to wait until Tuesday before banks start processing deposits/wires.

So, I think these factors combine quite nicley to explain this drop. The fact that we're still ~ 300 is actually probably a good sign, as it appears to be more of a correction than crash.

If we resume the upward trend next week, it will considerably increase my confidence of the current price levels. I, for one, while sad BTC is not $50,000 at hte moment, am happy to see the end of the exponential price gains - it makes this much more realistic and sustainable. We shall see what happens next.