The Chinese are all sleeping now, when they wake up in a few hours they could start buying again. The volume of Bitcoins traded has dropped significantly since China went to sleep. When China wakes and the volume picks up the price might pick up. The rise is not necessarily a whale making use of that news.
For Bitcoin maybe yes, I hear that China Bitcoin users also save with Altcoin like Etherium, Dash, and some Altcoin. I still optimistic that China users will wake up again and can increase for Bitcoin price.