I think you’ve mentioned most of the reason (specifically this 5) but you’ve forget the most important one. The “investors” that who take advantage to it and the one who suffer from it.

• The whales ~ they really wanted an scapegoat to sold they’re hold bitcoin and buy on dip. They’ve hold too much since last year and they can’t cash out without no valid reason that might hidden they’re transactions with the crowd.

• The newcomers ~ those who buy bitcoin at high price 15000$ - 19000$ without proper learning on this investment type. Who relatively came on hype and never even bother to be patience and turn to panic selling.

It’s just an addition on what I think triggered this continuous and controversial decline of bitcoin price.