After a positive dynamics over the weekend, BTCUSD resumed the bearish move as the coin failed to challenge the local resistance at $7,800 amid rather thin trading volumes. Moreover, the price has derailed the $7,500 area, so a further decline can be expected in the short term.
Apple co-founder Steve Wozniak said blockchain will become a widespread technology in around a decade's time and highlighted that “only bitcoinis pure digital gold”. But positive comments by another tech titan failed to inspire bitcoin bulls and this confirms that technical factors are the key drivers for the digital currency for now.
As for the technicals, BTCUSD, which dropped to June 1 lows in recent trading, needs to regain the $7,500 as soon as possible. Otherwise, a more aggressive retreat can be expected with the key goal at $6,000. Should the coin fail to attract buyers around the current levels, the $7,000 figure can be derailed, which will be a clear bearish signal for the pair.
I'm not sure I agree that technical factors are the key drivers for bitcoin, in particular given there are a number of coins that forked the original code and have made vast improvements, and a number which have migrated the proof of work to proof of stake, a key change that drastically reduces the energy consumption required to operate the coin/network. Bitcoin's key driver is purity of intent and the potential store of value, not the technical underpinnings or opportunity to be used in real-world transactional environments.