Sometimes Bitcoin cannot be explained using technical analysis. IMO, there are too many fuds recently. Another reason is due to the Chinese New Year in mid Feb, I guess many Chinese will cash out during this period.
But I am confident that Bitcoin will recover later on.
Same speculation, if what Im remembered is right, they have the tradition that before chinese new year, they cash out because they need money on hand and not in the investment. I guess they choose to convert their crypto to local money since its easy to invest it again to the same industry.