It is psychological and markets move with emotions, not logic. After panic selling, the downtrend will be stronger which can push prices further with fake breakouts. Even if traders have patience, the next bear market cycle will stay for 2 years at least, IMHO. Until the next bull market, long swings on downtrend will help market makers to get rid of weak hands.
We can assume that many traders are still very panicked in market correction conditions, because when the market declines there are many other pressures that make the Bitcoin price lower, such conditions will hamper the Bitcoin price recovery process and we have to be patient waiting for the recovery moment or bullrun for next year .
well, it could be their thinking like "better to sell now and then buy again later, than to lose a large amount". some people must have thought like that, or just cut loss. however, I think that selling when it's just a bear market is not a bad idea with the intention of buying back. well, however, depending on the strategy, if one used it wisely, then he would most likely benefit. Personally, there are a few coins I still hold on to at the moment, but they have almost lost their price, even though if I had sold at the initial dump price I might still have saved a few bucks. well, but not all altcoins are like that.