The bitcoin price movement downwards is just testing the market's support level and I think it may have reached the bottom price already but it could also be the whales who keeps on manipulating the market, setting bull traps. The upcoming Chinese New Year could also be a factor wherein the Chinese People greatly affects the market volatility before Feb 16.
Hasn't the market support level been being tested for a long time already? And hasn't the Chinese New Year preppers been made weeks ago? I think it's been long enough already, and the price has been going down for different reasons. There are many factors which make the price drop. There still has numerous FUDs, and I think the recent bans have something to do with the price going down because Facebook has decided to ban crypto-related promotions.