Markets never go in a straight line and Bitcoin has been on a pretty good run. A pullback was due and the market has to decide where it is going to turn. $5000 was talked about a lot so it is a logical place. This is the way markets function - they turn sentiment at key support and resistance zones which are determined by market mass-psychology. It is self-reinforcing. If enough people believe the rally will stop at $5000....then it will.

Ask yourself this - Why shouldn't $5000 USD be a good place for the market to take a breath? It's a nice round number. USD is the current reserve currency of the world. You ignore these facts at your own expense.

PS - I agree with just about everything else you wrote :)