This is a typical thing in any market. A panic sell is quite normal, and a recovery usually always follows. You'll always see action from panic trading, that's where the money is to be made for the level minded players.
It's surely is a normal move upon seeing those people that are satisfied with the current price. But when someone starts to do so, the price will going to keep on being down and that's the start of others to do the same thing because they doesn't want to be late in able to cover some profit.