As you said, there are a lot of reasons for BTC price to go down, but I think we are comparing the price with the $20K mark that we reached late last year, which in my opinion doesn´t make much sense for now. Of course it looks bad because the price was affected by speculation, now that all the rumours are not true (yet) we see the market behaving in a normal way and BTC price is at a fair price to be traded at.
Now BTC has to show it´s potential and utility to take out the $12K resistance line and consequently the 100 MA, otherwise we will be floating around this prices like an usual market, but with bigger volatility (more opportunities to make profits from day trading)