Too many people want to make quick profits by going long and short. When the price rises very high, they jump in to short. When the price drops low, they jump in to long.

You should pay attention to this phase. The price of bitcoin rose from 70k to 111k. Many jumped in to short.

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

1. They see the price of bitcoin rising slightly above a peak and then dropping. They believe that this 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 top of the Christmas tree to the bottom. They think that if they can do that, they will be the best in the world. At that point, they will become legends and they will make a lot of money.