My personal take is that I am not selling even if the correction is stepper than this, since my plan is hodl for years the better part of my crypto. I do not use leverage nor run unnecessary risks, so I can keep on with my original strategy even if big drops happen.
Traders are still buying the dip, and this is likely to continue for a while. I'm opening a new long position at $49,000. There's a good chance we'll go up from here. Those who shorted might be left out. Just my two cents...
Of course, traders will take every opportunity to buy at the current decline at $49k price.
Yes, there are strong hands that are not going to sell because they have seen the worst. But there are holders who rather sell today and then buy back bitcoin at a cheap price. Everyone has it's own strategy that will fit them.
And for those who have sorted bitcoin in the last couple of days? good for them, but we are still in the bullish sentiments so they are still going to get rekt. So enjoy a couple of profits from this dip.