Stability at over $12, why is it dropping?

[kwoody]

Bitcoin's value has dropped over 60 cents/BTC in the past 6 hours, does anybody know why?
I mean difficulty is looking like it's dropping for the first time in months, but still.. Who is selling, and why?
Anybody know powerplayers in the market who are selling?  Links/Sources, anyone...?
Does it have anything to do with GLBSE? Defaults? What's the deal?
I thought we were on the up here...

[Yuhfhrh]

I think the main reason we are going down, was because the resistance at $13.00 was too strong.

[CoinHoarder]

I wish I had some USD in the exchanges. I'd buy buy buy right now.

We aren't going to see it this low for the rest of the year.

[cbeast]

Maybe Nefario needs to pay his lawyers? Probably not, but who knows? There have been so many scams it's hard to keep count. The scammers have to be careful not to all dump their loot at the same time or the price will drop too fast.

[pretendo]

A correction is happening. Bitcoin users aren't every day people; they are very optimistic and hopeful people that want it to work, and have the belief that the price will always rise. Good news is overplayed and bad news is downplayed.

[calian]

My take is that a good number of miners were probably holding on to their coins during the uptrend waiting to sell. Once things stalled a few of them decided to sell. The market needed a breath of air.

[squid]

This also coincides with GLBSE closing which could make many people (or even just a few with a large amount of coins) skiddish and trying to cash out.

[smoothie]

Bitcoin's value has dropped over 60 cents/BTC in the past 6 hours, does anybody know why?
I mean difficulty is looking like it's dropping for the first time in months, but still.. Who is selling, and why?
Anybody know powerplayers in the market who are selling?  Links/Sources, anyone...?
Does it have anything to do with GLBSE? Defaults? What's the deal?
I thought we were on the up here...

Someone sold a bunch. It's not a tough question to answer.

[Vandroiy]

Prices have not been shown stable since they were around 9 USD. They've been always ascending slowly, and sometimes crashing quickly, with all volume in the latter. Overall volume was always low.

How is that stable? If nobody trades, any price is "stable".

The main up indicators depend on people putting more money in, because the influx of people doesn't suffice to justify the huge increase in price. While this can in principle get you to higher prices, it certainly does not improve stability, since you depend on the whims of a few rich people instead of a large amount of people who can balance one another out better.

It looks like people base price estimation on only past price. It should be clear why this cannot work.