On the other hand, the volume on btce and bitstamp is actually relatively high for this month, so we might see another nice little choo choo bulltrap to $800 or so.
Unless the people who are buying are long-term hodlers, in which case it's a bear trap.
I think a large portion of the new joiners are becoming hodlers. Why not, the others in the past have experienced good returns for patience. Not everyone is a day trader or should even think about trying it so buy and hold is the simplest strategy for a total newbie. Or buy bitcoin to spend online and each time buy an extra %5-15 btc based of the purchases price in fiat as a mean to hedge against its deflationary aspect.
I think those sitting on large amounts from early days are hedging now, perhaps btc > gold or btc > fiat > gold, whatever satisfies said investor. Most people don't look at the actual price rises now being smaller then what occurred during $.30 -> $32 or $12 to $266.
People who bought and held from those periods are still able to sell and hedge their bets... and smart people don't keep all their eggs in one basket, so in turn the rise in value of a bitcoin forces them to hedge the position appropriately, not saying that you can't go full bitcoin with your wealth...there are people who'd bet it all on red for the chance to double up, but we have to expect some selling pressure during any steep rise to offset hedging etc.