There were two main theories I saw.
One was that mining rates dropped due to flooding in China which temporarily took out ~10-30% of the total hashrate.
The second reason was due to a funding rate indicator on leveraged positions that said there were a lot of longs open and a high funding rate for shorts (meaning short term shorts were paying people to open them and leave them open). I assume that could then build into a bias if the market starts to get a bit stagnant.
Why would the mining rates dropping affect the price though? I don't follow the connection between a drop in mining rates and price. Ostensibly, the mining rates follow the price, in that when the price goes up it induces more miners to invest in mining equipment to compete for a larger share of blocks, or when the price drops it might no longer be profitable to mine and it might take miners offline because they're losing money by operating. I don't see how a drop in miners would affect the price though, it seems to be the reverse of how it works.