Halving, demand and supply, Scarcity and pice; all these are parts of what might influence the buy pressure of BTC but the concrete truth is, if the market keeps going at this uncertain rate, more people are gonna be skeptical about buying the dip, the market has been consolidating for more than a year with no much buy pressure.

Just when you think its about to be bullish, a sudden news brings it to its knees, this kind of situations makes people look beyond the regular factors. Remember, people buying are investors and investments have timely tunrover expectations. So an investor is expecting a 10% per anum return and Bitcoin isn't promising that yet, he has other options but for long term investors or those who store BTC as a form of value, I think they have a different perspective.