Bitcoin is forming its first big breakdown in a number of days after consolidation in the $19,000 region. The coin currently trades for $18,300, down 3.5%-4% in the past 24 hours as the market finally posts a notable red day.

Ethereum is down 6.5% in the past 24 hours while other altcoins have dropped by even more.

The drop in the price of the top crypto-assets comes as the U.S. dollar index (DXY) has bounced slightly from the lows seen last week. The DXY underwent a strong drop last week that allowed Bitcoin to maintain its high prices while also driving up the stock market.

The S&P 500 is actually up today while Bitcoin is down, cementing the sentiment that the two markets have finally begun to seriously diverge.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin in Corrective Mode?

Analysts think that this could be a precursor to a bigger move lower. Commenting on Bitcoin’s macro trend, one crypto-asset analyst said:

“Starting to look like the flip into the corrective mode. You can say hodl all you like, but it’s irrelevant at the frothy end of the market, where all the leveraged up, FOMO’d, moonboys piled in. That’s parabolas for you.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

A number of other analysts are also signaling caution after recent technical and on-chain trends have come to the fore.

Leading crypto-asset analyst Willy Woo recently stated that the on-chain Bitcoin structure is signaling that investors should be cautious here:

“Bitcoin on-chain structure saying to bulls “thou shall not pass”, not without a reset. A reset means many weeks of sideways or a decent bearish dip. Will we get a dip? There’s no impulse of coin movements that’s strongly bearish just yet. Waiting game.”

Others have shared this sentiment over recent days.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Bitcoin Just Dove Toward $18,300 After Days of Consolidation