It is called supply squeezes

Get used to them, they are kinda expected. When the price goes down so much, people who wanted to sell have already sold, the rest are just holding. This leads to a diminishing supply at lower prices. But a diminishing supply in an overall downtrend market, i.e. where demand is falling as well, means the markets become thin while the orderbooks shallow. As a result, volatility gets out of control bringing about these fluctuations which we have a chance to witness with our own eyes

Ironically, the price cannot fall substantially lower as there is not enough supply, but it also can't break out because demand is weak too. Such dynamic can go on for long until there's some breaking news which either reinstalls optimism or wreaks havoc in the market. You choose which side of the trade you are on