Why the market did not bounce hard after it hit the floor hard? As it normally does.

First, we must understand why it falls.

In my personal opinion that COVID-19 was just a trigger of the fall. It is not the cause of the actual fall.
But I can say COVID-19 is the cause of why it did not bounce hard after a sharp fall.

Why did it fall?

After the global market fall, the crypto remained stable for a couple of days. The global market fall can be attributed to Covid-19.
This triggers fear to quiet some crypto enthusiasts causing a significant decrease in value, but this decrease in value hit some Stop Loss limit on the bigger accounts thus triggering it to auto sell. Triggering all the STOP LOSS limits. Those that have a tighter Stop Loss suffer minor losses while the rest was automatically sold way too low incurring a major loss. Those that did not have STOP LOSS limit stayed in the pool but no chance they will sell it at that price.

Everyone was caught in surprise, wondering what might have caused the fall. Most people blamed the Covid-19. Some speculate a market manipulation.

Why it did not bounce back?

Usually, when we saw a price fall especially a hard one, it will cause it to bounce hard 3 times before it stabilizes in a slightly higher position from where it falls. This time it is different from the usual. It bounced slowly as if it did not know where to go.

In my opinion, this action was due to
1. Uncertainty - The global market was down, the Crypto market was down, and we have a virus problem. Though the market is already down and there is a higher chance it will go up, investors are still uncertain of its direction.

2. Virus - People geared to get rid of virus and spending goes mostly on preparation for the great danger. At a very low price, it is already very tempting to buy crypto but the virus is still a BIG treat and there is still no sign of it slowing down.

What signs will trigger an uptrend?

Control of virus
Government intervention of the market