Bitcoin is declining, but from a technical point of view, this decline is not yet a major concern. The price dropped to the support of the local range 44,807.24 - 48,178.13 between the two red dotted lines. Until the 44,807.24 level is broken, there is a chance of recovery, at least in the same sideways trend.
Today's daily candle on the BTC/USD chart is forming a false breakdown confirming the 44,807.24 level. This is a preliminary conclusion, as the day is not yet closed.
An alternative scenario is the breakdown of this border. Then the main cryptocurrency will go for a deeper correction to the level of 41,980.24. But this does not change the bullish scenario for bitcoin.
Although, of course, the lack of enthusiasm on the part of market participants looks alarming. Institutions are interested in bitcoin, but, judging by the conflicting data, it is somehow sluggish. But for sure, this is still not enough for strong growth.
Nonetheless, billionaire investor and Shark Tank veteran Kevin O'Leary believes that investors have changed their attitude towards the main cryptocurrency: they are beginning to treat bitcoin as a digital property, and not as a currency.
In an interview on the Best Business Show with bitcoin bull Anthony Pompliano, O'Leary argued that large investors and institutions are beginning to view bitcoin more as a luxury property in Manhattan, rather than a currency to trade.
The investor notes that bitcoin can go anywhere. But now the companies that buy it do not regard this asset as money. They might as well have bought a Class A tower in Manhattan.
In this way, large players buy a share in bitcoin that they are allowed to own. They will not trade it, they own it as an asset. A certain percentage of the coins will still be sold. But for large organizations entering the market, this asset class is now more likely to be perceived as property.
Earlier in June, O'Leary stated that he believed bitcoin would not see another surge in institutional adoption until it resolved its environmental, social, and corporate governance (ESG) issues.
So, perhaps, the current low volatility is connected with this? Even so, it's not bad at all. At least for private speculative traders who trade what they see, not what they think. And the technical picture is now quite clear, so it is quite possible to move in small dashes.
