A bit of downward pressure over the next 5 hours...expect it to hold strong at 250. Fresh fiat to hit exchage tomorrow morning and the bounce shall begin for the year!!!!
The next support actually appears to be the $260ish level. The price on bitfinex has hugged that somewhat but we haven't seen any major downward movement below it that has been sustained for more then ~an hour. It will be interesting to see how many people end up having to liquidate their margin long positions that will cause the price to decline
If you look closely this support area already broke. I don't think it will bounce from here. IT was here 4 months ago.