Bitcoin Faces Key Resistance Test at $65K Amid Schiff's Skepticism
Bitcoin has been stuck in a trading range between $58,000 and $65,000 for some time now, with technical analysts pointing to several resistance levels that have been capping rallies. Peter Schiff, a gold-bull economist and longtime critic of Bitcoin, is skeptical about the asset's price action. He believes that every leg higher in gold has coincided with a leg lower in Bitcoin, and has repeatedly warned his followers about the risks of holding onto their Bitcoin.
Recently, Schiff flagged $65,000 as a key resistance level for Bitcoin, arguing that it's a rejection point that could lead to major selloffs. He has maintained this stance through the summer, even as Bitcoin has continued to bounce back towards this price level without committing to a direction. A decisive close above $65,000 would put Bitcoin within range of retesting levels not visited since earlier in the year.
Despite Schiff's skepticism, technical analysts note that several moving averages are sitting overhead, reinforcing resistance and making it harder for Bitcoin to break through. The 50-day and 200-day moving averages are particularly notable, as they have been capping rallies and preventing a decisive breakout. Meanwhile, institutional positioning around Bitcoin exchange-traded funds (ETFs) and corporate treasury buyers will likely play a key role in determining the direction of the range.