Schiff's Sell Signal: Bitcoin Resistance at $65K

Bitcoin (BTC) has climbed back above $64,000 on Monday, leaving Peter Schiff, an economist and long-time Bitcoin skeptic, to call it a sell opportunity rather than a turning point. Schiff took to X to express his surprise at the cryptocurrency's failure to sell off, describing it as 'resistance' that limits further gains.

However, Schiff sees this as another chance for holders of BTC to exit, as he believes there is no upside above $65,000 but plenty of downside below. This view aligns with his previous predictions, which have consistently been bearish on the cryptocurrency since 2011 when it traded near $17.

The recent price rise can be attributed in part to lower rate expectations following a note from Goldman Sachs chief economist Jan Hatzius, who called a September Federal Reserve rate hike 'very unlikely'. This easing of borrowing costs has boosted demand for risk assets like Bitcoin and other cryptocurrencies.