So it is the Holiday season and it was Xmas. How many people dived into their Bitcoin hoard to buy Xmas gifts and also paid for a nice holiday with their family?
We saw a huge increase in the price, early in the season and this might have triggered a situation where people rewarded themselves with some "Gifts" for the holiday season.
The direct impact of that would have been a higher influx of coins onto the exchanges and if that was not met with a higher demand for coins, then it would explain the drop in the price.
Did you splash out with some expensive gifts and extravagant holidays with your bitcoins, during the holiday season?
I think the holidays had a big impact on the price drop of bitcoin. People have been selling their coins to buy gifts. My friends did the same i myself got my family gifts from what i sold. I know bitcoin will recover after the holidays. More and more people will buy bitcoins and then the price will again go back up