Surely when the weak hands are flushed we can say that bitcoin right now is held by people who actually believe in it (and traders) but that doesn't mean it will continue to go up, first we need to make sure the whales who are trying to make money doesn't sell.
you forgot about another group, an important and powerful group actually. the traders who sold before the drop or when it was starting to happen and are now waiting for the "signal" which would be any kind of rise above a certain level before these people put that money they got out, back in.