Bitcoins Intention was to brake the banks dictatorship. As we can see, nothing changed with bitcoin. Instead of banks, now whales dominate everything, manipulate and steal.
They can easily manipulate the market by using false alarm, cash out huge amount and spread the FUD about China ban mining cryptocurrency and people will intrigue to following their steps to sell bitcoin, waiting for some time and then the whales will buy back even more than the initial amount they have sold. On the other hand, how people could hold at this point if they don't have funds in their pocket? everyone should pay their bills, that's why people can't hold when bitcoin price in bloodbath.