The bitcoin market is in a collective mood of panic.
A lot of the newer people to the market have called it a day, and come to the conclusion that the bull market has run its course and come to an end. For a lot people of people, this is their first time experiencing first hand this kind of volatile market. The movement upwards can feel beyond exhilarating, but the price movements downwards can be suffocating as well. That feeling only intensifies as the price moves further and further below your initial buying price. These people want begin to regret getting into the market in the first place, thinking, "how could I be so foolish? Why didn't I just invest into something much safer?" They panic sell trying to get some of their money back while they still can, and of course this causes the price of bitcoin to dip even further.
