The price of bitcoin continues to fall because people panic so they sell their coins, the more people who sell coins, the greater the supply of bitcoin, while the demand for bitcoin decreases because of the current situation which causes investors to lose interest, even if we want to invest this is time that is very appropriate.
Well, it is not just about people panicking, we also have to understand that people got greedy as well at some point and this is more like the ripple effect of a greedy market. It happens everywhere when it comes to people participating in FOMO, and there is no way a market would go so huge, that at some point it wont reach a stretched state and therefore would need to correct.
Every market is bound to face it and I wonder why a lot of people make it sound like it is only applicable to the cryptocurrency market alone. Moreover these types of falls are not new for crypto market by any means because bitcoins reached $1200 levels for the first time in 2013 and then setting up then ATH by 2017 only. In between time, it went as low as $180 in 2015. It is just cycle of every market and crypto markets are not an exception here.