Bitcoin has proven itself great only if one holds for long time - multiple years.

For rather short periods Bitcoin price suffers from all the problems of something still young and not properly regulated - and here I mean regulating the exchanges and the entities trading there.
And this makes the short term price fluctuate wildly. And this makes possible the market cycles, a certain level of manipulation and the fact that not every trader will end the day on profit.

So nothing new is going on, really. Zoom out, zoom out again, then look at the big picture. All is pretty much fine for now.