a month ago we were at the Denial stage.. Now transitioning to the "Fear" stage. People are selling and wanting out purely because it is going down, just as they were buying and wanting in purely because it was going up.
There is still a lot of pent up optimism out there that needs to be totally crushed. Lots of people still talking about "recovery" and upside targets (haha). There people out there who are increasing their holdings the current fall (hahaha.). That will come when BTCUSD falls below the previous significant high of around $5000, then they will realise that there is no floor and it could well go to zero, then everyone will sell it to their mothers to get out to salvage anything they can.
think we are into the "Fear" phase by now.