Bitcoin hashrate lags price -- both up and down. Always has, and likely always will.

The lag on the way up has actually increased due to supply constraints on the ASIC chip and ASIC rig manufacturers that has now abated.

There are still many large miners able to mine today profitably (however, that may coincide with some possibly optimistic assumptions on the amortization of CapEx) so they aren't going to power down. And the marginal operators that are powering down are either liquidating their hardware to the remaining operators (who power them back up) or had rigs with a lower level of hashrate, and thus minimal impact on the hashrate.