Don't you think if the news from China had come earlier like 5 years ago, it would have crashed the emergence of cryptos. I think that was the news that saw bitcoin heading downwards.
Whats your view?
my "view" is that you need to do a quick google search to find your answers

the "China news" aka FUD has been around for a very long time. i can not remember anything from 5 years ago although there may be more but i can remember 1 from 4 years ago where the media was filled with the news that China banned bitcoin and not only nothing happened but also bitcoin price went up to the first ATH of that time!
you see, people usually forget that they are talking about bitcoin which is decentralized and does not belong to a country or a government or any other entity like that. none of them can do anything to bitcoin other than causing temporary swings in the price.