Gold advocate and longtime Bitcoin critic Peter Schiff has once again stirred debate in the crypto market, arguing that the leading digital asset may have reached its final peak.
His post comes as Bitcoin continues to trade within a medium-term downtrend, with the leading crypto’s price struggling to regain bullish momentum alongside the rest of the broader crypto market.
Bitcoin Daily Chart Shows Market in Recovery Mode
On the daily timeframe, Bitcoin appears to be attempting a slow recovery after a steep corrective phase.
Recent candles show choppy price action, suggesting that the market is transitioning out of panic-selling conditions but has not yet regained strong bullish conviction.
Daily chart for BTC/USDT (Source: TradingView)
The short-term trend structure remains fragile, with the price still trading below key moving averages.
Momentum indicators paint a similar picture. The MACD remains in negative territory, indicating that downward pressure has not fully faded. However, the shrinking histogram suggests that the intensity of the sell-off is easing, a development that often precedes either a consolidation phase or a potential bullish crossover.
Meanwhile, the RSI has rebounded from deeply oversold territory toward more neutral levels. This shift signals that the market may be entering an accumulation phase after the recent correction, reducing the likelihood of an immediate sharp drop unless new selling catalysts emerge.
Key Resistance and Support Zones
Bitcoin now faces a crucial resistance level around $72,736. This area aligns with recent rejection points and could act as the first major test for any bullish continuation.
A decisive breakout above that zone would signal strengthening momentum and could open the path toward the higher resistance cluster between $85,276 and $86,845.
On the downside, the $67,850 support level remains the first important defense for bulls. If the price breaks below this region, the next support zones at $66,668 and $60,326 could come into focus. A sustained move beneath these levels would likely confirm continued bearish dominance and extend the broader corrective structure.
Order Book Signals Short-Term Buying Interest
Order book data reveals several bid walls between the $69,300 and $69,500 region, suggesting that buyers are attempting to defend this zone. These liquidity clusters indicate that dips into this range could attract short-term demand.
However, just above the current price, multiple small ask walls form a short-term ceiling. Clearing these sell orders could allow Bitcoin to move slightly higher, but the relatively thin overhead liquidity suggests that sustained upside will depend more on broader market momentum than on immediate order book dynamics.
Potential Trade Scenarios
For bullish traders, a potential entry may emerge if Bitcoin holds above the $67,850 support and begins to reclaim the $72,736 resistance with strong follow-through.
Such a move would indicate renewed buying strength, with upside targets toward the mid-$80,000 range. A logical exit or invalidation level for longs would sit back below the reclaimed resistance or beneath the nearest support.
For bearish traders, rejection near the $72,736 resistance or a breakdown below $67,850 could offer short opportunities. In this scenario, downside targets would likely align with the $66,668 and $60,326 support zones. Short positions would typically be invalidated if price breaks and holds above the primary resistance cluster.
Source: https://coinpaper.com/14422/bitcoin-price-prediction-peter-schiff-warns-126-k-may-have-been-btc-s-final-all-time-high
