They've been chopping sideways to bring up the 100 MA to meet the FIB. The MA gap is too large to just go up from here without re-testing the FIB for support (one more time). Plus, the old stock of coins miners had has been chewed up by the ETFs or are close to anyway. MATH dictates that the newly mined coins are being priced accordingly. That's why we have our deflation cycles.