It's actually due to whales manipulating the price and squeezing out weak hands. People see the price rise and say to themselves, "oh wow, BTC price is rising I will buy in and make money!" But the whales already accumulated, wait for people to FOMO, then immediately dump on them. Those same people will panic sell after seeing the price drop, and pretty much hand their money directly to the whales. Go check out the 1m candles for BTC and look at how high the volume randomly spikes. These are whales with bots testing the waters to see who is dumb enough to give them their money, and unfortunately there are lots of foolish people in the crypto world. Hell, in the world in general.