it also shows desperate phase, they bringing the big guns out now because nothing else working
says volumes
Yep.
Also, the whales have to keep up the pressure to dump and short. Because they know that once the technicals turn upward for good, the thousands of trading bots take over and the start of a new bull run gets solidified. Then other long investors and traders start coming back in. They lose a bit of control over the float and the direction of the market at that point.