The Bitcoin market is never boring and this past week didnt disappoint with the flash crash to $380. The price has since rebounded and Bitcoin is currently trading at $414. One of the main factors which undeniably contributed to the price slump is Bitcoins transaction backlog which occurred around March 3rd.
Last week the network got flooded with spam transaction, which effectively increased the fee required to confirm transactions in a timely manner. As a result, many services that accepted Bitcoin received a flood of customer complaints that their payments werent going through. This caused many merchants to remove Bitcoin as a payment options from their store, furthermore an article published on The Verge titled Bitcoins nightmare scenario has come to pass received an extraordinary amount of shares which also attributed to the weekend selloff.
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http://themerkle.com/technicalanalysis/bitcoin-technical-analysis-for-030716/