Maybe the problem is there is no clear explanation as market movements are mostly not based on news? Maybe looking at what happens and trying to puzzle out why it happened leads people to see causal links where there are none?
Indeed, news that are only relevant outside China (such as stores accepting bitcoin, the NY regulation process, etc.) seem to have no visible effect on the price.
On the other hand, most of the major price movements since last Decemer were obviously immediate reactions to events and news that were relevant to the Chinese traders: the PBoC decrees in December, the announcement by Mark of a "bug in bitcoin", the rumors and leaks of the PBoC circular in March, the passage of the 15 April deadline without the expected blockages, etc..
There were a few major moves without obvious cause, but it may be that there were causes (such as inside information) that we did not get to know.
To me, it is obvious that it is still the Chinese traders who define the price of bitcoin. The lags between the exchanges during this last rally may not be proof, but are at least quite consistent with that claim.
