Peter Schiff Calls Bitcoin Rally a 'Selling Opportunity' as Price Nears $65K Resistance

Prominent gold advocate and Bitcoin critic Peter Schiff has described the cryptocurrency's recent price rebound as a prime opportunity for investors to sell, reiterating his long-standing bearish stance on the digital asset.

Schiff, the CEO of Euro Pacific Capital, advised long-term holders to reduce their positions, according to a report from Investing.com. In a post on the social media platform X, he identified $65,000 as a key resistance level, arguing that the asset has limited upside potential but faces substantial downside risk.

Price Action and Key Levels

Schiff's comments come as Bitcoin shows renewed upward momentum. The cryptocurrency was recently trading at approximately $64,405, a gain of 2.49% over the previous 24 hours, putting it within striking distance of the level highlighted by Schiff.

The $65,000 mark is widely viewed by traders as a significant psychological and technical barrier. Whether Bitcoin can decisively break through and hold above this level could determine its short-term market direction. Schiff reportedly stated he was unclear on the factors currently supporting the asset's price.

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Market Context

The broader cryptocurrency market has experienced significant volatility in recent months. Investor sentiment continues to be influenced by macroeconomic factors, including uncertainty around interest rate policy and the evolving global regulatory landscape for digital assets.

While some analysts may interpret the rebound as a signal of underlying strength, Schiff’s warning serves as a notable counterpoint. His perspective underscores the ongoing debate among investors and highlights the importance of risk management in a volatile asset class.