Theres so much manipulation in bitcoin and crypto in general that its hard to make educated guesses. Im going with gut feeling right now so I could be wrong.
Yes there is too much manipulation. People who control or own a large exchange and hold large quantities of crypto probably have something to do with it.
Think about it, there are people that purchased Bitcoin in January 2018 when Bitcoin was trading at $17,000+ each. Now they have lost 70% of that value. The volatility is too much. Something needs to change but what and how?