It wont recover until that MtGox dump situation is cleared. Nobody wants to buy expensive coins so that trustee dick can sell on a higher price.
True, if I am one of the buyer, I would literally wait for the Mt. Gox dump to happen because I wanted to buy Bitcoin in lower price. This kind of situation sucks for Bitcoin economy, though a good opportunity to those new comer to join the Bitcoin market. This will be just wait and see stuff, and that is the reason why buy support had been pulled out.
Well he has been dumping it since December that's why the price goes down from the December high. And he will continue to dump as it was reported he still have like 1.7B to dump. If he we dump it in the next couple of months they bitcoin will be go down and another good buying point.
Its turning ugly but what can we do? Nobody can talk this guy out from completely dumping and putting pressure on the already volatile market.