What makes people compel to hold the bitcoin in this critical situation? What are they waiting for? Any good reason?
People are holding bitcoin because they are aware that bitcoin is really profitable and they have witnessed how bitcoin grew in the recent years. Bitcoin started with just less than a dollar and now it costs more than $6,000. A lot of people were able to gain a lot of income from it.
Yes, that is the only reason why they are holding otherwise they would immediately turn their coins to cash. They know that bitcoin is unstable so they take the risk.
It is actually a smart thing to do they see that it is now rising so they keep them. I also keep my coins in order to maximize my profit.