Don't count China out.
I'm sure that there are plenty of bitcoin enthusiasts (or maybe some would call them speculators) who may be waiting for fairly clear signs of a trend reversal before they return to pumping (or buying) mode.
I WISH we could count China out. China is a giant wild card that makes fundamental analysis impossible within a reasonable degree of certainty.
Yes, but that is the nature of the real world. We cannot really count them out. They are a big player.. and the contribute quite a bit to the bitcoin space.
Furthermore, there are a lot of other unknowns in the world regarding people (and governments) in many places that can affect bitcoin in one direction or another (or both).