Well, if i would to expand my opinion, i'd argue that its the price of an asset that directly impact its future price. the news are just picked up at some time to justify some price movement whilst it really isnt the main cause for it. Most traders in wall street back then didnt even care about financial statements or the company's strategy of the assets they were playing with, they just looked at the tape. In other words, we've seen bitcoin price could go beyond what was expected not even a year ago. It just need to deflate before jumping up again. Back in december when i called a drop back to 300ish everyone was just insulting me for having such a wrong idea and being a bear troll who missed the train and blabla.

Well, i bough in at 350, sold at 950 and just bought back at 350, i dont intend to trade on the medium scale of a bubble as i find it too stressful (and have a life besides bitcoin). but thats just the way bubble goes, inflate then step back to previous high before surging up again to new ATH. its just the price of ATH that sets up the deflationarry part of such bubble. but the good thing is by the time we get to new ATH, 1000-1200$ will be rock bottom as $260-330 would be for now and as 30-50$ was before etc etc

edit: so to explain my previous claim that you had trouble understanding, news are here to make you comply with the deflationary downtrend, as a drop would otherwise look irrational to you who just witnessed the surge to 1200$, but it's just very rational since we lack energy, money, infrastructure, people, or whatever to sustain the price (this technology) at such levels.