It seems miners not much concerned about short-term Bitcoin price and continue hashing as usual. Bit weird as there must be a lot of S5 and older unprofitable hardware (I guess phil estimated about 500 ph) unless you pay nothing or like 1-2 cents from nearby power plant. Hard to believe last week hashrate drop included disconnecting all of the older and unprofitable equipment and the spike we see last few days is the new bitmain in house S9s (or privately sold to some big mining farm).