2/ Why is this happening?

1/ The black line and the pink line in the chart represent the ISM PMI, reflecting the actual feelings of American manufacturing managers — it's a bit cold now, but not frozen to death.

The small dot labeled "Bitcoin" represents what the Bitcoin market thinks the economy should look like right now. The gap is too large.

In simple terms: macro data is still slowly going down the stairs, while Bitcoin has already jumped out the window.