Psychologically, $3000 is a key level. There was a steady uptrend from $2877 and this number is also bitcoin’s current 100-day moving average. Bitcoin was stable at around $3000 for a couple of months and then broke into $5000. So $3000 is the level where bitcoin was stable for a good period of time so it isn't wrong to assume that bitcoin price wouldn't/shouldn't drop below this stability point.

Leave aside the psychological keyline, no one was expecting the recent turn of events and the impact is substantial because China is a major bitcoin market.

Bitcoin has already dropped considerably and as this whole Chinese drama unfolds it might drop further. Breaking the keyline doesn't matter, what matters is getting over with all this drama and then recovering.