On the weekly timeframe, we can see a sequence of lower highs and lower lows.
This is a firmly bearish trading environment - so dumping can easily be justified.
We recently saw a lower low at 15,400 and lower high at 31,000 - I expect the low to be broken and the final bottom to be the 1.618 fib extension at the 6,000$ area.
You may think such a number is impossible - but please understand that additional liquidations occur once the 15,000 area is broken - which would trigger the cascading deleveraging collapse to 6,000.