I'd speculate the price level is now being protected by 'insiders' with large existing positions.

By one estimation, 1000 people own 54% of all Bitcoin in existence. 10,000 people own 78%. The market could be easily manipulated by a relatively few number of people.

On the day the Mt Gox news box, the number of buy/sell transactions increased by ~300% from the day prior, but the currency was mostly stable. To defend the price level on that day, about $75 million was required. So it's a big bet. But also minuscule compared to the amount of capital that traders on Wall Street play typically work with.

I wonder who is buying it? I wonder if increasing the concentration of wealth into the hands of the few will eventually have adverse consequences for the value of Bitcoin?