Panic selling is what draws the price of Bitcoin so down to the drain. Any event which leads to panic selling of Bitcoin can be considered as a contributing factor. The news of a hacked exchange site, false news from governments, banks and the media, a Bitcoin advocate country later banning Bitcoins etc. All these factors contribute to the fall in price of Bitcoin on the market.
Many analysts and analyses are pointing towards good news and bad news or image of any product or about any product will directly affect value of that product.
But I think that it is actually demand rate that may reduce or increase with bad or good news respectively but the most prominent statement is to mention demand rate. The current price shows stability and this came as a result of the gap that has reduced between up and down movement.
Most times, it is normal to expect that news will have an effect on the market, but the truth remains that there is no way you can obviously tell what really moves the market at this point since it is a whole lot speculative in nature than anything that has to do with real demand at all.
What we keep seeing everyday now is just some manipulators taking advantage of those speculations and people always getting greedy without attempting to know what the market is even all about and all they care about is to get rich quick, and in this case, we will keep seeing spikes and fall in prices.