At these prices a lot of people who bought in the 2014 pump will be sending coins to the exchanges to finally cash out. It is only once all those people have cleared, that a fresh run up can start.
Yep..I know one of them...
He bought at $640....held right through 2015 with it's average price of $240....now that BTC has gotten back up to his buy in price, he is looking for some profits on the pump for all his troubles, which is why he never cashed out as soon as his buy-in targets were met......but as soon as the pump runs out of Steam, or some fundamental like some ETHDAO hacker having a big pile of crypto that he may or may not want to cash out via Bitcoin...then these exasperated bag holders of BTC, patience levels are likely to fold, and they are going to be increasingly more inclined to get out, whilst there are still profits on the table.
There is also an auction of confiscated Bitcoin happening on the 20th June, in Australia...around 25K BTC....I don't think it is an accident that Bitcoin pumps prior to these auction times.