I literally said "supply and demand determine the price in a free market" . Steem is a free market and its price is determined mostly by supply and demand with some monopolies (whales) at play.

There's something called selling pressure, when there are more sellers than buyers the price drops or is held down, this is literally what's happening with Steem. Happens with stocks, happens with cryptos, happens at farmers markets. More sellers than buyers = price decrease as equilibrium is reached further down the supply curve.