People are always panic buying and panic selling, because they are afraid, for being too careless on buying or selling. Those kind of people are just riding the hype, because their friends are making money in Bitcoin or in other cryptocurrency by "buying low, selling high" they also invested their money on it but doesn't have any idea on what price to buy.
They didn't even know the price volatility, all they know is that when you bought Bitcoin, it will continue to rise up and you could make money everyday, but it's not like that.
This is not right approach, the higher levels you climb on trading the more experience you will have so it is impossible to keep doing same things and expect different results. In trading, controlling your trades depending on the market volatility is tough, newbies especially keep investing in shitcoins that have no real value behind project. Making money on short timeframes can be tempting but busting balance is easier compared to weekly or daily charts, it is up to user which ones suits their trading style.