I always feel sorry for those people who invest in Bitcoin, doing it well and at a low price. But then they are forced to sell Bitcoin because there is no money. Although they would not have sold it in any other case.
So that's what is called a big mistake in the investment they made. Everyone has made the mistake of selling too quickly and it was a rash decision they made. I see many who take quick profits when the market moves up recently but it is still difficult for them to find a lower price like the first entry they made. However, there are also those who apply the buy back strategy to increase their BTC holdings from the profits they get.
Especially those who sell quickly are traders and not those who invest in the long term. So it's not surprising that the sell order wall is high because they take profits quickly. I think there are many factors that they might regret their hasty decision to sell because if Bitcoin could close at $50k in the near future then they missed a bigger opportunity to make a bigger profit / and that's just a small example)
For those who can hold longer and continue to buy on dips, they are potential new rich people someday and we have seen the adage that Holding is a winner.
People sell rush and sell their coins because of the kind of investment they are into, People who into short term investment probably rush to sell so that they will not lose opportunity to, and people who is into prolong investment will deem it fit to ensure that they have keep their coin until bitcoin reach to a particular amount they wants before selling.
The thing that have to do with bitcoin is that if you don't have target of when you will sell and when not to sell you will think that someone who sold it on time rush to sell, myself I will not sell my bitcoin for now and I can never sell bitcoin because I know that the price of bitcoin is increasing day by day and selling now I might regret my actions and decisions later so it's rather for me to keep my coins and check what 2024 bullrun will yield