not exactly manipulated, just more fragile.... as theres no longer orders of 2000-5000 coins per order line to create resistance.
exchanges are not hoarding 1m coins of customers funds anymore..
now most order lines are decimals to 100 coins at most.
and most exchanges probably hold 10k-100k of customers funds at most
so whales have it easy to eat up orders compared to 2 years ago..
its what happens when people lose trust in exchanges and people stop trading on them,
its what happens when the price is not $2-$3 or $80-$90 where it was a healthier risk to throw more coins at an order without caring.. but not so much now
so there is less coin on the markets to stabilize the price when someone buys or sells more than average
seems the price started going down when forbes released this
http://www.forbes.com/sites/kellyphillipserb/2016/01/28/legislature-says-no-to-bitcoin-tax-payments/#1bc38088b6ad