Oh, we agree? Sorry, I thought you were disagreeing.
Selling pressure... and all kinds of other market philosophy. Fear of missing out, for example. Rumours, psychological price points, all those things have an impact. (But supply and demand will always have the biggest impact of all.)
And yes, I think there may be some selling pressure because people hear "whales are selling STEEM!"
So this may be an overcorrection to the downside. In other words, it might be a great buying opportunity. If Steem/Steemit survive as a payment system, blog site, and blockchain community, then at some point there'll be a recovery. The alternative is essentially a slide toward $0 as everybody (even the die-hards) stop using the site and stop holding the currency. That's hard to imagine happening, but then again, if you don't know who the fish (sucker) at the poker table is, you're the fish. Maybe I'm a sucker who will hold his Steem until the value is completely gone. I've already gone from $5k to $600, and that includes 2 years unpaid full-time labour, so if anyone's the fish it's me.