But why the hell people panic sell now after it reach this high amount?
Do people really still think it goes to 0?
There are a huge number of people in the world who bought bitcoins in 2018 and failed when the rate fell. Moreover, he fell much more than they expected. Perhaps they think the next fall is coming soon ...
People are just to careful about the same consequences since they afraid lose huge money for the second time around when bear market happens, thats why many consider to join the panic and do stop loss so that they can accumulate at the cheapest rate what bitcoin got. I'm not convince yet that we are now entering the bear season since we are still on 47k - 50k price level.