Right now your best word is wait a while longer if you want to enter into how many of our favorite coins. My hunch says maybe the decline will continue due to the US government's policy in the near future. Yes, many people are waiting for a reaction to the response that has been implemented and this will more or less have an impact on the development and movement of BTC prices too in my opinion.
I think the coins are still crashing lately, so it might be fine already for us to enter. Waiting might only lead to regret as the coins might recover already instead of dropping more. US are more into crypto now because of Trump, so the crypto policy that will be implemented are mostly positive now this time.
About the reaction to the response, I think it occurred already. It is both the government and the public that have made their reactions. To be specific they buy more coins because they are being positive. Definitely there will be an impact in the price of BTC. We already saw it in fact. It was a positive one last time but since people also sell, so it is negative now. It still can recover later on though.