The formation of Bitcoin's price is driven by: demand, supply, the status of Bitcoin itself (trust in crypto currency, various news).
The big impact in the value of the bitcoin was the news some newbie would became panis seller because they are negative thinking about crypto especially in bitcoin because they watch like scam the bitcoin.
I think its just a short term value where you can buy the rumor and sell the news. It has a slightly movement to go up or down but there will be a correction to stabilize the price.
In the long-term, its always about demand and supply.