(1) Many investors don't really see Bitcoin as a long term asset yet. This is probably due to the fact that it is still a relatively young asset class.
(2) Investors trying to re-renter the market at a lower price point, assuming that Bitcoin continues falling based on its relatively high volatility.
Of those two I believe (1) to be the bigger contributor; and the only solution that, I'm afraid, is time.
I agree. And it is frustrating to see so many who don't recognise it as the hard asset it is: fleeing it quickly when under pressure.
I believe a time will come when most investors sell it last, not first.