I think that market is down just because of too much selling orders and less people buying it. in current market condition which was already bearish from last top in December 2017, selling send us to downtrend.
I think weak and inexperienced hands get lessons now. This may take time to recover depending on how long they need to accumulate.
I think the market is sluggish because the trees are shaking. Big boys have entered now and they want a good price.