I think negative news has a huge effect regarding this bitcoin price dropped. Many bitcoin holders sell their bitcoin for profit and the demand is not huge enough to maintain the higher value of bitcoin. But I believe it will not last long because whales are waiting to buy in a dip.
Negative news or FUD did have an important role in the fall of bitcoin prices. However, the FUD that is reported must be published in the big media or shared by accounts that do have a lot of followers and are influential, such as Elon Musk, who recently gave controversial tweets that made bitcoin prices crash.
The fall in bitcoin prices indicates the bitcoin market is getting saturated and it is time to go down. Having spare capital would be very good to buy at a cheap price.
It is all a cycle. BTC might be low now but it could also keep on going up, the issue is that we and nobody can predict what the market is going to do. This is why risk takers are sometimes rewarded big.
To put this in perspective yesterday BTC price fell to 30K now is hovering close to 40K - easy win for somebody with a high risk-appetite. It is the way things are, you're either in the game or not, and if you're in you can lose or win. It is all about timing and knowledge.