I got into the bitcoin again last year after losing all my 4.5 bitcoins to ponzi schemes early last year. I bought in bitcoin again at $20k. Now bitcoin is $6k+. I'm regretting my actions.

now you have to be patient with this situation, keep your bitcoin hold until you are at a price above $ 20k. if you do panic sell you will only get losses and cannot get big profits. so I think I still be patient with this price reduction.
yes, that is one way to avoid losses for now. but, you can also cover it up by trading. but, it will be very risky, and can make you lose the assets you have today. if you want to be safe, then accept the reality, and do real business.