If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly dump them for fiat [and you don't instantly rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.
Is that bearish or bullish?
will add this as i posted it earlier today in another thread
I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something.
example:
http://www.mensocks.nl/ - these people accept bitcoin locally instore, mainly because they are friends with a local bitcoiner. I can almost tell you straight up that no person goes to a local bitcoin ATM machine pays 7% premium above market price, then takes these BTC and spends them on something which they could have just bought with their euro without having to pay 7% to buy BTC.
The only people who buy socks there using bitcoin are people who already owned bitcoin. No buy pressure only sell pressure.
Apart from retailers who ONLY accept bitcoin for their produce i find it hard to believe joe bloggs would go buy bitcoin and then use this to buy something he can normally buy with fiat. Bitpay is a tool for bitcoin holders to spend their bitcoin and push the price down, probably set out by rothschild types.
edit: another local example -
https://www.thuisbezorgd.nl/en/. food delivery from almost every takeaway restaurant in the netherlands. via proxy almost all food delivery accept bitcoin. do the stores ever see a bitcoin...... nope.
would joe bloggs go buy some bitcoin to order his pizza when he can do it quicker and easier with cash or credit card. the only people i know spending BTC on
https://www.thuisbezorgd.nl/en/ are people who hold BTC.