Why did BTC drop to $570 level?

[HashFarmer]

As title.

[pixl8tr]

Because it was time for the 4:00am Dump. 

[cdlsrm]

Because before every other bubble there was a drop? Don't fight it, let it drop to ~450$ and in 3~4 months we will have new ATH.

[Newar]

It's summer, so liquidity is low. Somebody drops a load and tear through the sell orders. The arbitrage bots on other exchanges follow suit.

[N12]

Why did it go up in the first place?

[bigtimespaghetti]

Could be a short term double bottom, we should look out for resistance at $540 now.

[exocytosis]

High prices can't be sustained for long. The market is saturated. People are realizing that Bitcoin is a bad investment.

[JakeGold]

Why did it go up in the first place?

I still can't believe it's already over $100.

[viboracecata]

Because of the leverage on 796, btc-e, okcoin, etc, they collected enough bitcoins to dump and puncture the market depth

[Tzupy]

Increased seller pressure. Having a look at the bid sum / ask sum ratio at Bitstamp, and then the question
should be 'why did it take so long?', with the answer 'because of hodling'.

[kwukduck]

1. People get scared.
2. They panic sell.
3. More people get scared.
4. Back to 2.

I suspect most is coming from early adopters that were thinking to become multi millionaires fast but their dream is falling apart now and they panic sell to get what they can before it's too late.

[falllling]

1. People get scared.
2. They panic sell.
3. More people get scared.
4. Back to 2.

I suspect most is coming from early adopters that were thinking to become multi millionaires fast but their dream is falling apart now and they panic sell to get what they can before it's too late.

so should you, sell before you still can gain something

[DjPxH]

Could be a short term double bottom, we should look out for resistance at $540 now.

We're about to break the quintuple bottom at $562 or where it is exactly. Could be a good thing If we confirm it, but it also may turn out for the worse. We could be destroying a long term support line here!

[kwukduck]

Most worrisome to me is that this drop is caused by very low volume. Less than 9k btc.
For an individual that's a lot but at the beginning of this year we had 30-50k btc trading volumes.

[Unbelive]

Since lately supply is higher then demand.

[DjPxH]

Most worrisome to me is that this drop is caused by very low volume. Less than 9k btc.
For an individual that's a lot but at the beginning of this year we had 30-50k btc trading volumes.

Umm, could you tell me exactly where the volume is decreasing? http://data.bitcoinity.org/markets/volume/2y?c=e&t=a&volume_unit=btc People always claim it is, yet all the available data seems to indicate that it just isn't true!

[Kipsy89]

Since lately supply is higher then demand.

Hahah, yeah isn't that the standard assumption or explanation when the price goes down. Everyone just keeps saying that the price is being determined by supply and demand. And I guess it's right, but there's gotta be a reason for why the supply went up or the demand just went down, man!

[HarmonLi]

Increased seller pressure. Having a look at the bid sum / ask sum ratio at Bitstamp, and then the question
should be 'why did it take so long?', with the answer 'because of hodling'.

I think this is manipulation. Someone is just trying to crash the market by withdrawing their FIAT to the sidelines. Now everyone is panicking and they can buy in at a lower price. Proactively shorting the market, if you ask me

[falllling]

Increased seller pressure. Having a look at the bid sum / ask sum ratio at Bitstamp, and then the question
should be 'why did it take so long?', with the answer 'because of hodling'.

I think this is manipulation. Someone is just trying to crash the market by withdrawing their FIAT to the sidelines. Now everyone is panicking and they can buy in at a lower price. Proactively shorting the market, if you ask me

how about:
most investors / big players / vcs / early adopters / are selling / spending and leaving bitcoin, now everyone is panicking and catching on, bitcoin goes final capitulation crash soon
or you just want an excuse / fake hope for the crashing price?

[Tzupy]

...
I think this is manipulation. Someone is just trying to crash the market by withdrawing their FIAT to the sidelines. Now everyone is panicking and they can buy in at a lower price. Proactively shorting the market, if you ask me

You may call it manipulation, but it's a normal market behaviour. They will be buying at a lower price, of course, but this may happen when
the ask side will be about twice what it's now and the price about half. In a bear market (or a medium term downtrend), who dumps first, dumps best!