I believe that people that are just new with btc investment and don't have enough experience in the btc market trend were most likely the ones affected by the bearish market. Including  those new investors that happen to bought btc at a higher price value and thinking that btc will no longer recover and as a result , they do panic selling since they are afraid of losing more which I believe is a wrong approach. BTC has a very high future ahead and just be patient in waiting for it will come in due time.