Right now it is tied up in the Trump vs. Deep State conflicts.
Why do you assume that?
If we check the past 15-16 years of market history, we see the same thing happen over and over. Price goes up 40%-60% fast or moderately fast then as it runs out of "steam" it stops and there is a correction where price comes down a little like 5% or 10% or sometimes even bigger 30%. Then we enter accumulation phase before the rise begins again.
See charts to see this pattern for yourself.
Price went from $70k to $110k in ~3 months and as it ran out of juice it stopped and corrected a little down to $95k. It doesn't really need some fancy reason to do it...
History will definitely repeat for sure. The corrections that's taking place is what some bitcoin experts refers to as the "bear trap", at this period investors are demotivated and tempted to sell their bitcoin due to FUD under the assumption that the bull run season could have been over and there's not of a pump order than what price has pumped to with the new ATH reached.
I feel like sharing this link to produce a better understanding with pasta bull run circles
https://x.com/Ashcryptoreal/status/1892510828147925212?t=GyYVKhd8ifsuD4Clzij7tQ&s=19