PC unable to boot

This morning my desktop computer worked fine, I went out and came back a few hours later and the computer was turned off and it won't boot back up anymore. I opened up the case to have a look and the green LEDs on my motherboard are on and if I press the power button, it comes to life for a split second, as in red LED saying memory is ok flashes and case fans start to spin, but then it just dies again. I have to unplug and plug the power back in again for this to happen once more. I've tried taking out the power button connector and bridging the gap with a paper clip and I get the same effect as pushing the power button, so I can assume it's not the switch. I've also had a good luck around the case and I can't see anything that could be causing a short. Has anyone else got any ideas or could it just be that I need a new power supply?

PC specs:
Asus P8P67 motherboard
Intel i5 2500K processor
ATI Radeon 6870 graphics card
8GB ram 1333hz
 
Check and make sure everything is secure, Such as cables,Power plug and so forth. If they are. I would then lean toward the PSU. Try swapping out PSU if possible. Then you will know for sure. It really could be almost anything, But hopefully It is just the power supply.
 
If it's only the power supply that needs replacing, you're in luck. Motherboard problems are next to impossible to track down.
 
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