Remember that bitcoin miners have to pay for electricity with real currencies, so they have to sell bitcoin regularly. Most other bitcoin uses are balanced --

Remember that bitcoin miners have to pay for electricity with real currencies, so they have to sell bitcoin regularly. Most other bitcoin uses are balanced -- ie user buys bitcoin gives to dealer who sells it. When the number of transactions per day is going up this is slight buy pressure because of the time lag between buy & sell, but in a steady state system this is neutral. IOW, the natural direction of bitcoin prices during steady state is down.