That mountain of bids at $4.47 and $4.45 right now looks rather impressive. Someone with a lot of cash doesn't want bitcoins to fall much further (than they already have). They really put a floor underneath the falling market. Will it hold?
Well, let's see ... the "wall" is 60,000 BTC strong ... there is 216,000 BTC generated *every month* ... so no, unless the fundamentals change (bitcoin starts to be actually useful and used because of that as a currency) then the downward spiral will continue until such change or the final death of bitcoin.