There are many people who missed out buying the bottom of this dip (as with all dips). Now they are sitting on the sidelines waiting, praying for another dip to $200. They are hoping for more "bad news" from China to answer their prayers. "This time I will go all in".
Even if there is more "bad news" from China the odds of the price reaching the low again are highly unlikely. The bottom of the dip has been established therefore inexperienced traders will set that as their buy target. It won't reach that target because experienced traders will buy well before that leaving you in the dust again to FOMO back in and pull the price up. You also have to take into account we just had a huge drop and people won't be shaken as easy again.
Moral of the story don't wait for the expected bottom you have to get in well before it.