It really shows that many factors affects of falling price of bitcoin. Manipulation, panic selling, also fuds and others affects the price. Whereas, those who did not believe the future of crypto got to sell even on lose of funds on their investment. Observe the price so you will know how bitcoin works.
Observation is something that will only have to do with some certain level of understanding. However, the fall in price of bitcoin was also mainly as a result of the market not actually being driven by real demand or will I say at this point, driven by speculation which obviously we got to see people getting over greedy, hopping into FOMO like a frog and then getting beaten by the heavy down pour of sell spree in the market. It is just a normal thing though to experience in a market and even in more matured markets, it happens pretty well, so in my own understanding, I will just say people should get used to it.
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.
FOMO must have played a big role in the falling down of bitcoin prices. Yes, when you are listening like bitcoin may fall down and you may get cheaper bitcoins then what you will do ? I am afraid most people from this community must have done the same, which caused prices to come down from $19.8k to $5.8k.