Some analysts believe this drop may be manipulated to liquidate long positions. The market is contracting, with funds flowing to a few, causing a drop in Bitcoin's trading volume.
This is what I think will happen in the market of Bitcoin. The trend is still bullish, and there's no sign of reversal yet. If Bitcoin price closes below $24,500 that would be alarming since it indicates that the sellers are in control and also there is a liquidation plan on FTX which might be a bad news for crypto if they get approved. What I saw in the market right now is not clear that the price will continue to go up since the weekly candle didn't close yet. If the price will stay above $26,000 this week, there's a high chance that the price will continue to go up.