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.
Yes, the Spring Festival is a big festival in China where prices have gone up. They need to buy new goods, new clothes, visits to relatives, etc. Therefore, they need more cash, the drop in Bitcoin prices is most likely due to China's Spring Festival Cashing .