It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever.
I disagree with that premise--bitcoin might technically be a currency, but in practice it's treated much more so as an investment, just like stocks and gold are. People aren't buying bitcoin in order to spend it, and in times of crisis that would be foolhardy.
I would even argue that had Bitcoin been centralized, it could avoid the current price fall since there's no reason for it to go down which is not the same with other things people trade that is tied to physical things that suffer due to restrictions. However, I believe that Bitcoin can recover from this, and perhaps it won't even take that much time. Over the last hour, according to Coingecko, Bitcoin is up 7.5%. (okay, down to 6.7% already). Surely, it's still extremely low, and people did not expect that. An example of how unexpected this is can be a predictions thread due to a giveaway by Bitcasino where we had to predict today's price:
https://bitcointalk.org/index.php?topic=5229828.0.