Too many sellers not enough buyers.
Next question?
Next question?
This. Stop trying to overcomplicate things.
Its just demand vs supply.
A lot of the demand is probably "hidden" right now. People waiting for a clear bottom to get as much coin as possible for their money.
Because of this, I believe that at the first sight of a trend reversal, this hidden demand will jump on board instantly, making us return to the 600-700$ range.
So more buyers have to step up to stabilize the price. Theoretically the price can go down to almost zero, 1 satoshi if no one wants it except to buy as a collectible and thats all they offer on the bid.