I think that panic sales will be after Bitcoin falls below $ 3000. After most likely he will either start to grow again, because then to purchase whales, or go even lower but will begin to rise as purchase whales.
We already saw a panic market and a lot of people sold their coins in that market which caused Bitcoin to reach to that lower price from now I do not think that the price will drop any more so we cannot say that it will drop below $3000. From now we have to expect the rise in the price.
I think prices can drop even lower, but it is not the cause for panic, because the crypto market is highly volatile and it can spring back any day now.
The movement goes down on small volumes. Reducing the volume shows us a decrease in interest in this course dynamics. This may lead to a change in the trend or to a temporary stabilization of prices.