I'm not sure what's going on. Why isn't there more buying pressure? sub $8k seems very cheap to me
I think you'd be surprised how little money from retail investors was the cause of the actual rally during the month of Dec. The whale pump money probably outnumbered Average Joe money like 100:1.
Which also means this isn't Average Joe panick selling, it is whale(s) shorting.
Nobody in his right mind buyin something that has gone 20x for no reason at all , other than to play on very short term bounces