Liquidity cycles and fair value markers brah. Fundamental news doesn’t always drive price action. It either helps or hurts a trend that already exists.
In a bull market, good news easily helps an uptrend continue and achieve over speculation. In a bear market, good news hurts the downtrend as price is trying to find its fair value. So if you think about it. The price action we had during the rumor phase in April was substantially up because of liquidity head winds.
Now that most everything is known by the market (the news), price reverts to the dominant trend which is down until fair value is achieved (and/or an oversold / capitulation moment occurs). It doesn’t mean we can’t get more upside. It just means that the counter trend move is taking a break.