Is this currently a failed shakeout?

There have been a lot of gains in the last few weeks but last week has been slowly declining.

Ive seen people talk about a shakeout where institutions would sell strategically to knock out long positions of leveraged traders, but this would result in a sharp dip followed by a sharp price increase, wouldnt it?

The price has been declining rather slowly. Is there enough demand right now what even strategic selling of institutions/whales doesnt really move the price or is there simply no shakeout happening right now?