Could be totally wrong, but this looks like a pattern I've seen before. "They" are trying to smoke out the real buyers at this level. People buy, then "they" yank the rug out for the close. In other words, they're trying to soak up the real cash now so they can screw us at the close.

EDIT: see the big bid at 1.24? That's their target. Or maybe below.

Again, could be wrong. Just seems to fit the pattern i've seen before.