The market is based on speculation. A simple negative news will turn the price of bitcoin downward and same when a positive news comes in, the price goes up and everyone is very happy. One thing though, this is just how the market works. That's why you will hear some investors who doesn't want to enter the market because of its volatility, take for example Warren Buffett.

Exactly. There are still some manipulators behind that can forced the price to slide or if they wanted it to increased quickly, they can do it by pumping the coins and then they will suddenly dump it. But as more people or investors are pouring their cash, maybe those manipulators are having a hard time now as compare before when they have all the power to manipulate the price anytime they want.