What happened last week with Bitcoin? I have looked at the the volume for shorts vs longs. The strong increase in BTC shorts could have helped triggering the fall of the bitcoin price. The feed for a rallye did not happen - so far.
The ratio long/short shows the relative strenght of the market. With a low value the market sentiment is bearish, with a high value the sentiment is bullish. Values around 0,7-1,0 are pretty low compared to the year-to-date values around 2,0 or more.