I sell my bitcoins when i alreade have the desired profit ! Most of the time I sell it when the downtrends has already started in the market ! when the market is cheap I'll buy mote bitcoins and sell it again some time in the future when I already hit the desired profit and they cycle just continue
Everyone is always waiting for the best price to come out in the market and because of that, more and more people are holding their coin, this kind of mentality of every people is affecting the market. The demand is increasing which leads to the value of bitcoins to increase further in the market.
They sometimes want to cash out but they can't do this because they don't have exchange accounts, then they spend bitcoin.