The general state of the world economy isn't good and Bitcoin can't grow in such conditions. The prices for gas and electricity are going through the roof, and as a consequence, prices rise for almost anything you can think of. If you told someone in the Western Europe they will struggle to pay their bills next year, they would probably laugh at you. But to some, that is exactly what is happening. So, people have to break their piggy banks and unfortunately sell assets such as bitcoin they intended to hold much longer.   

I think we will need to be patient and it will take a while before better days will come.