Yup. Also there's been some rumors about Amazon planning to allow bitcoin payments and PayPal just did it so there's a lot going on in the background but retail is in panic mode.

I know that feeling when you're back to the level you bought at and feel like you have to act so you won't have to explain to your family why you're at a loss now. People traditionally prefer to be up that 1 dollar on their investment than at a $1 loss. Like it changes anything. They don't get that being stuck in the fiat system makes them feel like they're at that $1 profit but due to taxes and inflation they're always at a loss.

For every bitcoin sold there's a buyer. Newbies see this and feel like they're selling into empty space in panic, but they're selling into well placed and well timed buys of people that later move the money out of exchanges into cold storage.