The continuous decrease in price causes fear in the mind of people who trust only in Bitcoin and when the price rise people rush towards for greed and they sell when the price depreciates because of fear. This fear and greed controls the financial markets as in stock market also .there may be ups and downs in all field especially in financial institutions so to me psychological fear also dominates the market.
greed often dominates over fear when buying at $ 19K for bitcoin was pure greed and no fear was that tomorrow bitcoins will become 5-10K.