Theres a little panic selling thats happened this week thats why bitcoin price go down. But its not enough to make bitcoin price to go down deep. A normal strategy to make profit in a short period of time.
I guess some of the whales wants to make some movement. It's either the current price for this week is already enough for them to make profit, because that is $1,200+ and we know that it's already good enough. And that's they did sold some but I don't think that is panic selling, because if that is panic selling we are seeing the price now back lower at $1,100.
The price pf Bitcoin have remained impressive since 2016 leaving most speculators in profits, so it is not unlikely to see a sizable number of sells every time new high is made and that is entirely a different ball game from panic sell off. Nevertheless, panic selling most probably out of fear, uncertainty and doubt (FUD) is indispensable in any speculative market.