There are speculations and opinions in here BCT forum that the increasing merchant adoption rate drives down Bitcoin's price. In the meantime transaction data indicate that this is not quite the case
As you can see at
http://www.coindesk.com/analysis-around-70-bitcoins-dormant-least-six-months/ "Swanson also points out a "sobering" trend: although the number of merchants accepting bitcoin has increased fourfold this year, blockchain activity is not seeing a corresponding increase."
So after all, the current price drop is not caused by merchants.
