The last deep leg down was the result of strong selling on Gox, which spooked all others when combined with the recent news of BTC
withdrawals being stopped over the weekend while some internal accounting with stuck transactions and the like got sorted out. An update on the issue was announced for Monday Feb 10th (Japan), so we could possibly hear something at any time that would declare the issue solved and all BTC
withdrawals enabled. But the longer any positive report is delayed, the more the bears are going to get nervous that all is not well at Mt. Gox.
UPDATE: well that went a bit quicker than I had planned, but still -- profit on the shorts!