People stopped buying. There is no buying pressure whatsoever anymore.
The dumpers are stopping user adoption and obviously they don't care if Bitcoin will succeed or not.
Do you want to hear the scary part?
What would it imply if the big boys are scrambling to make money immediately, while sacrificing all the new adopters to near-term greed? What does that say about their view of the future of btc?
Now THAT is scary. And it seems to be happening.
Since the number of users follow the exponential curve, new adopters (less than 6 months or so, for example) should be the majority of owners (although obviously not the owners of a majority of coins). Those are the people being encouraged to not hodl, but trade instead. Those are the weak hands that are constantly shaken out. They are the future of btc..or should have been.
My best guess for the bottom is ~340. I will explain why if I am right.