Looking at the long term trajectory of the weekly chart it looks to me like the price corrected to a point that puts it back in line. Not that the price won't over correct like it did in early 2018 but there are a lot of eyes on 20k.

I'm of the thinking that the price could test 20k again, that being the 3rd time making it at a triple top. From what I've read, the number of actual bitcoin in the market is increasingly becoming scarcer. Much of the market consists of derivatives, not saying that central banks cannot print unlimited fiat to short the bitcoin market similar to how gold and silver have been suppressed but it seems at some point the emperor again will reveal that he has no clothes.

Personally, I'm not sure how much volatility that the de-fi market has even affects the bitcoin market. I consider it a different form of speculation. I've been in the crypto space since 2013 and I know a fair amount of people and none of them would even know what de-fi was. I think it's primarily at this point for early adapters and tech savvy individuals.

In using indicators, I've found the term "volume before price" to be a good indicator on future price. Looking at the daily chart I see large volume on the way down to 16.4 k. Looking at the 1 hr chart the trajectory for 16.4k to what is currently 17.4k seems bullish. I don't see a lot of resistance but I don't have a good way to see anything but short term.

I'm not sure how the Chinese news will be perceived. To me it's just another message to scammers that it isn't as easy as you think to get away with scamming people via crypto.