It has gone far down the road. This is not looking like a small bear any more. BTC and all other crypto have been falling for a long time now.
It looks like ESMA is looking to tighten control on crypto mining - ESMA’s vice chairman Erik Thedéen has released an official statement calling out for measures to be taken on crypto mining energy usage. Thedéen called out the 27 member states of the European Union to ban crypto mining operations that were energy-intensive. More specifically, the vice chairman urged regulators to ban the Proof of Work (PoW) mining method which consumes a lot of energy, and to replace it with the Proof of Stake (PoS) which utilizes much less energy. If they go through with that there will definitely be an effect on its price.