This is one of the uniqueness of the price movement, very difficult to predict with accuracy, and always have its way of messing with the emotions of all. I'm not too surprised though because I already expected some dramas in the form of manipulations around the previous ATH of $69k; price will not just eat it without some forms of retests. Even though price will proceed far above the high of previous market cycle, the retest and manipulations we are seeing now are inevitable. We just have to be patient with the market while ensuring we are invested already.
Of course it is true, this is quite a test of investors' psychology and may influence their interest in the market. Some of them may change their investment plans because they see an opportunity to accumulate more assets if they sell at a high price and buy at a lower price within a few days, but what is clear is that price movements are very difficult to predict.
There are opportunities and there are also risks. Not all of them would change their investment plans even if the opportunity presented itself, so I think it's likely they're still holding on to their bitcoins with no interest in selling and reinvesting at a lower price.
