The more it drops, the less confident people are to buy Bitcoin. The core reasons are five points:

As the market falls, panic increases, and no one dares to buy the dip. Essentially, it's not just about poor market conditions—it's human nature, structure, capital, and confidence all collapsing:

1. Human instinct fears loss; the deeper the drop, the more afraid of being caught in the middle, with loss aversion outweighing the desire to buy the dip. People follow the trend and sell, not buy against the trend.

2. High leverage causes forced liquidations; a drop triggers chain reactions of margin calls, pushing prices even lower. No one dares to catch the falling knife.

3. Macro liquidity tightens; under high interest rates, funds retreat to safe assets, and no one dares to touch high-risk investments.

4. Faith in value collapses; the logic of digital gold and anti-inflation fails. Without a clear bottom, no one dares to enter the market.

5. Trapped investors lie flat, and buyers hold back; everyone waits for stabilization. With buying pressure completely absent, the more it drops, the fewer people buy.

Simply put: The more it drops, the more panic sets in—it's instinctual. No one dares to buy, which is a consensus. Bottoms are always formed by endurance, not by catching the bottom.