nothing new really.
price kept testing two prices: the resistance at $10500-$11000 and the support at $9500-$9000 and had to break one of these eventually to break the sideways. it happened to be the support and since it went below that mark, the "avalanche" started pushing the price way too low as it is the characteristics of a market with thin order books.
According to technical analysis, the price of BTC will sure drop around $7000 soon.
actually TA showing between $9000 and $8800 as the bottom of that kind of drop nowhere near $7000