The typically low levels of trading on the exchanges, followed by massive increases in trading during times of price volatility, suggests to me that there is very little hft going on during normal times.
This is more likely.. When demand exceeds supply price >UP, Supply exceeds demand price >DOWN.
Price is dropping and levels of trading are low.
Conclusion. The Market has now fallen out of love with bitcoin and sees it as Mickey Mouse and will not be taken seriously by the masses or
The Market is sitting on the sidelines with big bags of cash waiting and waiting until they see the signs of hitting the bottom and the Bounce.
My opinion is that as the volumes are low then the swings are happening through day trading and short term speculation.
I,for one, have a shed load of cash sitting on my exchange waiting and will look to get it on around $350 however will try and hold for $320 BUT if take off then I hope i dont miss the boat because it may be a very fast escalation.
Good Luck all