It's honestly expected. I saw the pump as a bull trap from the get go because of how strong resistance was at $8.5k the last few times that it was tested, and how long we've hovered around the $7.9-8k price level without movement. Besides, the bearish sentiment within the market is still overwhelming.
When you say that $8.5k was tested a few times and that price is hovered for long around $7.9-8k, do you know that price is starting to drop on September 24 from $9800 to $8370, and after that we have seen drop under $8000 few times. It's been less than three weeks since then, and the only serious attempt to break through $8.5k level was 3 days ago ($8600).
Obviously, the bears are running the game now, and they have power to dump enough coins and move the price back anytime. Bakkt, ETFs, China-USA trade war and similar things are just something that people try to correlate with price. The price can go either way, we should not be surprised by any outcome, $5000 or $15 000 by the end of this year are relatively possible outcomes.