China is usually the main cause of the decline from last year until now, this happens because China has the largest bitcoin mining company in the world, and now that it is closed by their country, it causes bitcoin to go down very far.
maybe it's true as you say, china has a big influence in bitcoin, after china closed the company that holds bitcoin, the price of bitcoin began to fall, and there has also been a negative effect of posting on bitcoin lately which makes weak hands afraid to hold bitcoin, but I think this is only temporary, bitcoin will definitely come back up again, we just have to wait and be patient..