It seems to me that the phenomena of buying less as the BTC price goes down exists in a lot of goods/assets.  It seems to be some kind of variation of the wealth-effect.. in which people buy more as a good/asset goes up and less as it goes down.

And, surely I doubt that the "wealth-effect" is merely psychological, because the HODLer does actually have more money as the price goes up.. and does actually have less money as the price goes down.

I did the something similar in bitcoin in 2014/2015 as the BTC price went down through 2014, I kept buying on the way down, but not only did I run out of money, at some point, I started to run out of confidence too regarding how long any bounce is going to take (or if it will even happen)... a gruelling effect (mentally and financially as the price is going down).  

One thing is to just HODL without selling on the way down (so that is an accomplishment - so long as the price goes back up at some point soon enough before you die or get reckt), and then another thing is to take that whole practice to another level in terms of buying on the way down - even if the amount bought is less - when no bounce comes, there is an ever pestering sound "why did you buy now?", and "why not wait for lower prices?" and "do you think that there is going to be a bounce, crazy?".  

One redeeming aspect for anyone having ongoing and incoming cashflow (which seems to be the case with El Salvador - coming also from BTC-related activities in the country) is that the ongoing buying (even at low prices) ends up serving as a kind of reluctant and worrisome form of DCA (that can also be characterized as buying on dip.. but buying on dip with less enthusiasm as compared with buying on dips when the BTC price is higher.. and regular UPpity bounces).  If the incoming cashflow dries up, that's another question (would likely cause more reluctance to continue to buy).

Edited to fix some wording and make some ideas more clear