Whales dumping, and also FUD is an undeniable part of the reason why bitcoin is dropping at the moment. It's because of the combination of chinese mining bans, facebook bans on crypto related ads, korea ban rumors, as well as now, India ban rumors that is making the situation what it is right now.

Without these, bitcoin is still probably going to be thriving and more pumps would be flooding in at the moment.

Usually when these sort of news initially gets released, the markets will respond by dumping and price will drop. When the sanity returns to the market, the price will recover to an acceptable level and potentially even get pumped. This has been the case time and time again.