Bitcoin has been moving up and down but thus far this year it's bullish since it has increase from its low this year.
We can't say people or businesses are losing confidence to bitcoin because we've see in the past that bitcoin has struggle many times and yet it has able to create hype and that resulted to a good price right now.

from less than a dollar to $7K now, how do you explain that?

I don't know if I agree with that or not, because even if bitcoin were to hit that price tomorrow, it still isn't much of a gain at all.  At $7500 it still seems pretty much like sideways trading to me.  Bitcoin can easily go up or down a few hundred dollars at a pop, but that doesn't mean there's any momentum behind it.

If bitcoin hit $8k tomorrow, then I might start thinking there was something behind it.

Ah, let it lose faith if it wants to--those options traders aren't trading real bitcoin anyway, and I don't even think places like Bakkt even have an impact on the reported price of anything, so who cares?

well when you call 2-3% rise a "bullishness" you obviously should call the same negative 2-3% drop a "strong downtrend" and you would be wrong on both cases. neither of these are bullish or bearish. these rises and drops are called "sideways" and it is not showing anything about confidence or whatever. not to mention that these trends always happen during the accumulation phases so if anything they indicate a strong confidence in bitcoin!

in case you have forgotten what the sideways market means and looks like take a look at the charts from 2019-1-9 to 2019-4-2

It is easy to say that some other people maybe losing confidence on what bitcoin can do. We all know that ups and downs is normal because bitcoin is known to be volatile. Maybe this time there are so many people selling bitcoin that is why the price of it drops a little bit. Do not lose hope because sooner or later the price of it will rise up again.

Fuzz fuzz and more speculations

Always the same story, explanation, theory regarding Bitcoin price and his upcoming (possible) deaths...

Bitcoin will continue to keep going straith active in the years to come.
Thus meaning there is a window of opportunity for investors to trade properly using their brains rather than their fingers to right such hypothetical crysis.

The current condition is currently sideways maybe due to the influence of the holidays, trading volume is also not as large as yesterday.
As I see prices are in minor support today, there is still a possibility the price will rally tomorrow.
It will not take effect before closing in 2019, because there are still a few days left to find out the trend that will form next.

There is some evidence the introduction of options trading at the CBOE at the end of 2017 contributed to bitcoin collapsing from it's peak price of $20,000. So options trading does seem to have an impact, especially if the traders are hedging their trades in the real bitcoin market.

Bitcoin is moving between support and resistance as long as it stays between 7000- 7800$ we are safe. If its breaks from upside we can be in a bull run scenario and if if breaks 7000$ we can see the 6400$ lows which will further take us to the bear market. Next few days and year end closing is crucial for bitcoins.

If people lose faith in Bitcoin, it will greatly affect the cryptocurrency market in 2020. They will not dare to invest, the price will drop causing great losses. Investors sold bitcoin on the market. This shows that the price of BTC may continue to decline before investors feel eager to rejoin the market.