So my guess is that we'll continue to see a steady downward trend in prices as miners continue to cash out their earnings, until you see another large news story hit/eCommerce catch on where people would pump capital into the market to begin driving prices back up.
Yes, the supply of 8,300 BTC over the past 24 hours is enough to suppress market prices.
At about $15.5/BTC that means that over the same time there was over $125K of hoarding that occurred, or that there was $125K USD worth of fund inflows, or that there was some combination of the two. If there was no hoarding, that means there would be nearly $1 million a week of inflows required to keep the market price from declining.
Though I only have anecdotal evidence to support this argument, I believe a lower market rate actually increases supply as well.
Miners got used to the higher income that they were earning previously when the market price was higher and at the same time the difficulty was lower.
At the same time that those two factors have turned negative for the miner, the electric bills and credit card payments have not dropped whatsoever and have increased.
When prices drop, miners are less likely to hoard -- which increases the supply, which causes prices to drop, and on and on. Yes, we enter a negative feedback loop.
That will continue until there is some reason(s) for the demand for bitcoins to increase.
While many look at bitcoin's market price and see this roller coaster ride of price volatility, others look at bitcoin as this innovation that remains rock solid and continues growing.
In the past week there were four new exchanges that opened or added new markets. There were many new merchants that have started to accept bitcoins. There were two new methods introduced for accepting bitcoins when selling goods online. There were some exciting developments in mobile -- including using the new voucher code payment option from Mt. Gox. I could go on.
In other words, looking in the rear view mirror won't show you where this ride is headed.