There are many other reasons why Bitcoin is on a downtrend. Here is a list of a few important ones:

1. Bitcoin is Overbought = Overbought refers to a situation in which the demand for a certain asset or security unjustifiably pushes the price of that asset or underlying asset to levels that are not justified by fundamentals. The reasons for the overbought position are multiple, raging form FOMO to price manipulation etc.

2. Lack of regulation = Bitcoins lack of regulation has scared all major players in the financial market. The fact that all other players have to abide by a set of rules has created major pressure on regulators either to ban or regulate the crypto market. The pressure on Bitcoin can be seen today with China's attempted ban on all domestic and international websites dealing with crypto; The latest ban of acquiring crypto with creditcards form the USA, Great Britain and others; The endless discussions on regulating the crypto market form Korea, India, Japan, USA, European Union and others.

2. Price manipulation = Bitcoins price surge in 2017, is in my opinion inexplicable without price manipulation. The manipulation by Bitfinex and Tether and other big players has created an unsustainable price which was set for a huge correction.

In my opinion Bitcoin will continue this trend to the 5000$ mark. In the meantime there will be multiple dead cat bounces which will wreck day traders and newcomers.

In the future the price will settle when the market finds its true bottom, and after that a slow to medium uptrend should be expected.

This is my personal opinion and it doesn't reflect in anyway advice on how to trade cryptocurrencies.