I see a lot of topics talking about why bitcoin did this or that. Sometimes there are clear indicators as of why but many times it simply happens. Coincidence, trading bots and simple TA can affect the price and create a snowball effect easily.
Imagine 3 whales with 1000 btc each decide to sell bitcoin and by chance they do so at the same time. Of course the price will tank and people will wonder why, bots will follow and so on.
That is because bitcoin's market is decentralized. No one controls it and no one regulates its price. That's why price changes are drastic and quick since it's determined by supply and demand. These whales can be compared to massive sell-offs. A whale selling is comparable to a group of people selling because of a recent negative news about crypto. Both can manipulate the market, traders and investors should always keep it in mind that bitcoin's risk is higher than regular stocks.