chinese people need some cash for holiday so all of them seling now.
Looks like we will not going upside until chinese holiday ends.
Logically, I do think the same as your idea. The law of supply and demand is applicable here. Given that there are people who are withdrawing their bitcoins the more supply there is and results in lower prices just like what happen when people did panic selling. But as of this day bitcoin had just been a bit stable though. No need to worry.