Bitcoin is Down
As you can remember when the virus spread at the beginning BTC price sharply reaching $9,439 on January 28, 2019, and the markets follow the BTC as always many crypto markets rose up, that means coronavirus favor CryptoMarkets first,
But what makes Bitcoin price go down
As the spread continue people start to panic with the disease not Btc, thinking of many Negatives and some people exchange their Crypto to friendly fiat money so they can cover some emergency staff buys extra food, drinks, masks, etc, the simple view is that many sell result to cheapest sell which automatic kill the prices of an Assets.
As you have said, when the virus spreads, people start to panic.
It should be clear to you that it is the main reason, not exactly the virus but its effect on the economic status of every country and also to every individual. People are losing their jobs or stop going to their work, etc.