The pretty obvious explanation as to why it is doing poorly is that it was a bubble. People bought it because it was going up, which caused it to go up further. Now that it's going down, nobody wants to buy it and a lot of people want to sell it.

As far as I can see, there's no particular reason to expect the slide to end here. Stocks have a valuation floor based on income and assets. Commodities have floors based on the people who use those commodities to create economic value. Most currencies have a floor for many reasons, but partly because a central bank will stand behind it and defend its price. Bitcoin has none of those.