There is actually what is known as market sentiments which investors fear in the market arises during the there is experience of price falls.

The action could be as a result of doubt that the price may not rise again probably having the negative thoughts due the experiences they may have had from the pump and dump meme coins.
Such investors are really out of their minds when such act is exhibited in the aspect of their investment on Bitcoin.

Although I may not extremely blame them because every investors do have their own investment targets which maybe at the time of their panic to sell their Bitcoin at the sense of the market fall just after it was recently rised may be a junction that have reached the peak of their goal.

Then, there is no need to keep holding rather than to sell but when you know you have not reached your goal and find the market going awkward, there is need to hold patiently for as much as you keep holding up, the market will recover definitely advancing to new ATHs but when your emotion is not strong enough and you sell at panic, be sure that you will be selling at lost.

Bitcoin is really not a dump coin to be feared about it recovery during a downtime. It just need time and that is why long time goal is most preferred for it investment goals.