Why selling at 60k.?

If you've been holding Bitcoin for the past few years, you've had plenty of opportunities to sell at much higher prices.

So when BTC drops to around $60k and selling pressure increases, who exactly is selling here?

Is it short-term traders, leveraged positions getting liquidated, institutions rebalancing, or people simply losing conviction?

I'm trying to understand the mindset behind selling now rather than when prices were significantly higher.