Why do you think bears are reacting to the market and playing it? It's not the downtrend that causes bears to appear and dump, the downtrend starts because of their existence. There have to be pessimists and optimists for the world to stay in balance
well, speculators like charts..and right now the charts speak a pretty clear language.
It's not about the direction of the movement but rather about when there is movement expected
I'll add to this a bit... Maybe it's not bears as much as it's lack of bulls that causes tops to form. In topping situations, the momentum that once ruled the bull market is now dwindling. This causes a diverging effect on charts. At that point, it's not about who is going to sell, it's who can sell first. The pessimism comes from the lack of strength in the end of the bull market. If only one person was a bear, there would be no way the price would fall. But knowing that there are others out there, and they will sell at the same signals, it's better to be first to maximize the gain. In many cases, it's not so much about the gain as much as it's about the desire to not want to see your value go in the shitter in a year long, -80% bearmarket. So why not get out? Then you can buy lower and have that many more BTC. I know this can't work for everyone, but being a bear at the right time isn't the problem here. It's being a bull at the wrong time.
If there weren't bears to sell, how would 99% of you ever get your first coins? Most, damn sure aren't mining them now.
