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.
Looking back at the history of bitcoin, It has been really a roller coaster ride when we see at the value of bitcoin, Bitcoin had undergo a lot of major slides, but managed to bounce back stronger from the dips it has experience. Right now, the price of bitcoin is still decent, so there is no need to panic. Bitcoin will manage to correct the price sooner or later.