You sell, you lose. Technically, you are already losing, so selling makes you a clear loser.

Except you're sitting in an overleveraged position and liquidation is staring you right in the face. In that case, the line between losing and getting wiped out becomes blurry enough for selling to begin to look really enticing.

The bearishness has taken the market by the horn and it doesn't seem like it's letting go soon. Like you said, we're in a never say never period in the market right now. People who though BTC would not go below 80k any time soon before March started have now even began entertaining the possibility of a 60-something-k Bitcoin. Sigh.