$BTC too many people want to make quick profits by going long and short. When the price goes very high, they jump in to short. When the price goes low, they jump in to long.

Pay attention to this very phase. The price of bitcoin increased from 70k to 111k. Many jumped in to short.

Why do they like to short at this price? There are 2 main reasons:

1. They see the price of bitcoin rising slightly above its peak and then dropping. They believe that is a sell-off! Thinking that the price of bitcoin will crash hard.

2. The second reason is the deadliest one. They want to get rich quickly. They want to profit from the peak of the Christmas tree to the bottom of the Christmas tree. They think that if they can do that, they will be the best in the world. At that point, they will become legends and will make a lot of money.