Why has the Bitcoin price dropped dramatically?

The last 24 hours held some surprises for the crypto traders as Bitcoin’s price has dropped dramatically pulling down the whole altcoin market too.

We might never know the exact reasons for any market moves. Reportedly, SpaceX the Elon Musk-owned company has sold its Bitcoin holdings, but most sources are unsure if this was the catalyst for the sell-off.

The $25 000 support seems to be an essential line in the sand, and the RSI readings are extremely oversold on multiple timeframes. From a technical point of view, a rebound is more likely than a further correction.