When I look at the Bitcoin chart, It's heartbreaking at first glance, watching the price creeping towards the 100 day moveing average. It is closing below the ichimoku cloud. Everybody knows it. when you close below, you're doomed. Just Kidding. Now, this chart with all the technical indicators and stuff may never mean anything . In fact, if you want the truth, in my experience it almost never does. You see all these colorful lines and curves only talk about what has happened in the past. In mathematical sense, most technical indicators can best be described as some sort of filter that is being applied to the price and volume action. Thus, they all suffer from a completely normal phenomena called "lag". So, don't get to attached to the technical.
But what happens to Bitcoin in short term. It depends radically on what you think as a part of the community. You see as much as the 17000 $ per Bitcoin was a self fulfilling prophecy, Bitcoin crashing to 7000$ could become a whole new one. I myself have no incentive to sell my Bitcoin under the 22k range. I will buy more If it reaches 10700 $. We might see more and more sell off, however as the price goes down, selling becomes more and more unattractive. Ask yourself when will you buy some more Bitcoin. That will help consolidate the price.
I think it is somewhat safe to assume that most of the new people in to the space, like myself, have spent small amount of capital to this day.
Those of us who experienced the last 3 months as their first moments in cryptocurrency have already experienced a roller coaster. And those who joined during the bull run back in December should also have no incentive to panic sell at these prices. New guys are just experiencing some transactions and testing some exchanges to see what happens. The capital will flow afterwards.
Price is going down but be aware, the spring is storing more and more energy. Bitcoin has proven to be more resilient than any other phenomena surrounding it. It goes down in a rush as it climbs parabolic.