It's really hard to say what is going on.
The general public appear to be scared by the way bitcoin fell 50% from the top, so orders from noobs have dried up. Some old hands cashed out. Some speculators are still buying the dips. And there are some hedge funds who are interested in holding some bitcoin simply to diversify their portfolios because bitcoin appears uncorrelated with other assets. Which group is the strongest is anyone's guess.
Always hard! I would not blame the general public and most especially the smart traders anyway, so at the end of it all, it is either we wait to see how it all happens rather than gambling the market or we just forget about whatever happens eventually knowing the market will recover. So far, everyone is trying to play safe and with that, the bull will have a lot of work to do to convince a lot of smart guys that the bears are still not the ones controlling the market.
