Also, all this selling is just a major shaking out of weak hands. Some of us that have been through this before realize it even more now than when we first invested in BTC. The strategy is to not get emotional about it and buy more coins if possible when it dips this low.
I think that many of the long term HODLers never expected it to get this low, have already invested as much as they are able at this point in time, and simply don't have the discretionary funds at the moment to provide strong buying support. Even the Tim Drapers of the world are quite possibly tapped out for now.