More red days than to green I believe because there are so many people that are now selling their bitcoin some of them are using bitcoin as a bank and when they heard that bitcoin is decreasing they panic selling it and the value decrease more because they've just sell it more.
Yes panic selling contributes on bitcoin to become in red. I think also of less demand that makes price going down. If we check the market price of bitcoin turns in green and red. If you are a long term hold you are keep calm in these down market.
and this is why the reason for the price is getting down too deep because too many people selling their bitcoin without thinking what they did is not good for bitcoin price. maybe if they can hold their bitcoin and only wait for the price is increased back, then its not makes the price going down too deep and I am sure that the price will be recover.