Daily chart on this downmove is on declining volume... that's a sign of market strength. I got out of my short around $230.
I've observed that in Bitcoin, secondary tests of lows after selling climaxes (on larger timescales) generally don't play out all the way to the previous low, which would be $160. We might see $200. We bounced off $160 on such high volume that it's going to be one hell of a support level to break back through (expensive for whales, they can't dump forever unless they get the sheep to follow). The lower we go the stronger the reaction rally will be as more supply from weak hands will be siphoned out.
Another reason for the lull is that in the US, everyone is partying for the Super Bowl. I know I'll be away from the charts drinking beer and eating nachos.