No doubt at all that every single move of the BTC effects it's holders and I think it is a quite natural phenomenon. The other point you elaborated is very deep and highly productive for all to understand it,
Again, with STEEM I never care about what the total is worth. All I care about is what it can generate (this is key).
Hopes are high and pretty sure BTC and Steem will get a massive rise again very soon :)