It was not only Bitcoin that got the dump , Gold price dumped too and most dollar currency pairs equally got their share. This news event and uncertainty in the market for investors contributed to the dump, though I was expecting Bitcoin to have a correction immediately just after we touched the $22.6k zone, until we start getting clear picture of how the future is going to be in order for investors to gain confidence, we will continue to get panic sellers in the market.
However, Bitcoin coming back to retest the $20k level is a good correction for BTC in my own opinion, But until we start seeing further downwards movement below $19k-$18k, I still remain bullish to see Bitcoin to go tap the $25k zone again.
Gold holds up well compared to other assets. And probably there will be very few panic sales now, those who wanted to have already sold. And if there are sales during a further fall, then most likely it will be speculative sales, with the expectation to sell now in order to buy it back later at a cheaper price. This fall, which is associated with the release of the inflation report, will not drag on for a long time, the market will soon recover, and in order for the fall to continue, more negative news is needed...