Dating

What does it mean when he tells me that we need to slow down?

I'm in a talking stage with this man (long distance), we enjoy each other's company, we watch movies and shows together, we play together, we spend long hours voice chatting (7 hours non stop at one point). Last night he confessed that he likes me, and i confessed my feelings too, then he said "we need to slow down though". Does that mean we're on a break? Are we not a couple yet? What are we exactly?
What does it mean when he tells me that we need to slow down?
What does it mean when he tells me that we need to slow down?
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