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.
People just believe what ever they're watching on internet but we should not forget that not everything is true in internet community. Making fomo is the art of internet's people and media play roles in it. They just listen to government and search the fomo.