It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.
Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.
In fact, technical analysis has never been true for bitcoin and cryptocurrencies.
The cryptocurrency market operates on the trust of investors in the project of their choice.