The continued downward trend in Bitcoin prices which has tended to be consistent since the end of April has begun to make investors hesitate. The prospect of bitcoin's price may continue to decline, even for the rest of the year. If the price drop continues then the bitcoin price will probably hit $35k later this month.
I don't think anybody is hesitating to buy bitcoin, we have already seen how price went up from almost $30k all the way up to almost $50k. This shows that there is a huge demand for bitcoin and a ton of money that wants to jump in so much that they increase the price by $20000 in only a couple of weeks.
The only reason why $50k hasn't been broken yet is exactly the fact that price went up A LOT in this short amount of time so the day traders are cashing out their profit and also there are still a lot of bears who are going against the market. In a little while the price will start going back up again.
Agree, there is no hesitating on the part of the investors right now, if it did then we won't see the price going above $40k in a short amount of time. It's the usual correction as speculators then to squeeze some profits daily.
Bears going against the market will be futile long term. We are still in the bullish trend, so it's better not to go against the current market conditions.