if you look at the chart, several times bitcoin has formed a pattern of narrowing and widening so that this indicates that the bitcoin price is in a less volatile position, so that with the many controversies that exist over bitcoin, including the chinese government ban on bitcoin mining, it can be said that the market position bitcoin is currently skewed in a bearish position and may take several months to return to the bullish price path.
Maybe not just months but possible to extend that since the bearish directions affects most
newcomers decision making, there are people who are afraid to push thru, thinking that this momentum
will continue, panic with wrong decision making leads traders to lose their invested money.
I think it all started on the fud and some rich influencer. And then the whales doesn't want to invest at the current state because of uncertainty. Definitely it will have a drastic effect on newbies as they are just watching and making their decision reading the news.
So this bearish trend might still continue, we can't get over the hump of $40,000 which is the biggest mental barrier for investors and traders right now.