The staunch holders are holding, the day-traders are trading, the victims of Gox are in shock, and everyone else is slowly selling off holdings trying to get the most they could get.
Every time the rate inches up past $680 a bunch of inventory drives the rate down, not so much to drag it down to $650 yet but you can tell the market is tired, it's itching to move, up or down it doesn't matter, my guess is if it does get to $650 we will see another drop into the $500s because at that point a good segment of the panic sellers will have given up on seeing anything above $700 anytime soon.
Without bad news I don't think we go below 600$. After a quick rise we hit the 600$ and were slightly above it. Then, correction was incoming and the resistence at 600$ was building up and it was hard to get over 600 again. Now we had the same. Because of the unexpected quick rise to 700, there was no resistence and we got over it. And now it will maybe go down to 625$ on Bitstamp, but not further.
Again: Except there are really bad news, then of course, everything is possible.