Looking at the CryptoFacilities Price Index we can get a good appreciation for how precipitous it was:
Another thing worth mentioning happened in the process of this selloff: the CNY premium has now evaporated and become a discount:
Additionally, the futures curve from OKCoin is looking as bearish as ever. It was signalling some bearish sentiment in the days before Christmas and served as a pretty accurate indicator for this big selloff. Now, the Futures Contract Spreads tool is showing an incredibly bearish sentiment:
So it's pretty grim for now in the bitcoin market. The sentiment remains negative and with CNY exchanges looking sluggish it's hard to see where the demand is going to come from to move this price up as we go into the new week.
Support is holding in the low $400s for now, but if that breaks it could get ugly fast. However, a consolidation period for the next couple weeks, similar to what we had when things got really bearish in the $300s in November, may be bullish sign for 2016.