This is the opposite of what BTC is supposed to do in times like these, and the only reason I can see is that institutional investors are dumping BTC to create liquidity..
Contradictions, by their nature, do not exist.
If you find yourself facing a contradiction
Check your premises
You will find one of them is wrong.
In this case everyone is freaking out that they won't be able to cover their grocery bill, mortgage, payment to mistress, or whatever and are thus grabbing money from anything they can. Some are raiding their stashes of gold/bitcoin/slaves/etc to raise money, think of it as another run on toilet paper.
This happened in 2008, same exact story. It's just happening quicker now because everyone believes that they can be the first to the exit in this theater fire.
It will probably settle out at some point. Put your thermal blanket on and enjoy the show....