We've been tracking this larger wave correction in BTC since Dec.
As shown, BTC has respected the 150EMA like clockwork; retreating to it after 6 previous corrections in the past 1-2yr.
In trading this is called "reversion to the mean", and it's very common.
Due to the large run BTC had prior to Dec, it needs to revert to the mean before being able to rise again. This can occur via price, time or both.
The goal of the correction will be for the market to weed out the bulls and cause them frustration via losses, or inactivity. When they finally capitulate to bears, the market reverts as there are no new sellers left to drive down price.
Expect BTC to meet up with the 150EMA (daily chart), before POTENTIALLY running higher.