Then is it possible that someone like, perhaps Elon Musk, or Michael Saylor to have hedged their long postions by shorting the top through Bitcoin futures? Because why was Elon Musk very happy to FUD Bitcoin to crash when he has $1.5 billion in Bitcoins held through Tesla?
Of course it is. One of the most profitable ways of market manipulation is exactly this. You bet against the market while encouraging others to bring the price down for you by spreading FUD.
It is also possible that they wanted to buy more bitcoin by spending the same amount of money, a price lower than $60k helped them a lot.
a strategy like this is mostly done by the whales. while many people panicked because of bitcoin's decline, they gave negative news about bitcoin, and the news was responded to by the community, so many people sold it. at the same time the whales took advantage of this opportunity to buy bitcoin, until finally they repeated the positive news to increase the price, and finally they sold it with a profit in hand