I would like to know your opinion on what factors cause the value of Bitcoin to drop. A brief explanation helps.
The overall market behaviour is generally a combination of various factors. For example:
Fundamentals
Technicals
Events
In the specific case of BTC, fundamentals are driving the price up, that's why we're all hodling. Events do play a role, say when Bitfinex got hacked there was a sharp correction, which didn't last long.
And finally technicals... these drive a lot of the short-term speculation. A lot, not all. But technicals are ONLY about the candlestick movements, which is why they are often dismissed as tea leaves reading.
On this occasion, however, the market is telling us that technicals are strongly at play.