Bitcoin (BTC) fell to a bloody death this morning and typically it dragged a lot of the market with it. At the time of writing, BTC was down 4% (The drop was even more pronounced in altcoin markets, with ethereum and ripple (XRP) both taking a nine percent haircut, and bitcoin cash dropping a full 10 percent to $462) and the overall cryptocurrency market shaved off $16B.

The plunge was precipitated by fears on Wall Street, which also saw FANG stocks take a nosedive as well. Historically low-interest rates and bond purchases began to lose shine after the Fed increased fund rates three times in a year. It alone could make investors expect an increase in interest rates.

This would not be the first time this year that BTC and other coins follows the path of the stock market. While many argue that BTC is a safe haven asset, the historical price action suggests that it in fact tracks equity markets. This is hardly surprising as BTC is still struggling to get mainstream exposure and investors may feel more secure with other classic safe-haven assets like gold (currently at $1,200 per Oz), which is also struggling to post gains.

Yet, the volatility marked an end to lateral trading that had been present for some time, but after the levy finally broke, the pressure proved too costly for the bulls, who had to concede their losses and watch as the price dropped in quick succession.

There are a few indicators we are watching now. The relative strength index (RSI) has breached the rising trendline and fell into the bearish territory below 50.00. Notably, it is pointing lower and is well short of the oversold region (below 30.00), meaning there is enough room for a sell-off to $6,000. Meanwhile, the choppiness index has dropped below the 61.8 level and is pointing south, indicating that bearish move is gathering strength.