Gold-bull economist Peter Schiff has identified $65,000 as the key resistance level Bitcoin must clear this week, while expressing puzzlement over the asset's failure to sell off amid recent volatility.
Schiff, a longtime Bitcoin critic, noted that the cryptocurrency has traded within a defined summer range between roughly $58,000 and $65,000, with rallies repeatedly stalling near the upper bound. Technical analysts point to the 50-day and 200-day moving averages overhead as reinforcing resistance, while the 20-day moving average remains the level bulls need to reclaim to build a credible case for a bottom.
'Anti-Gold' Thesis
Schiff first flagged the $65,000 region as a rejection point early last week, calling Bitcoin 'anti-gold' and arguing that each leg higher in gold has coincided with a leg lower in Bitcoin. He subsequently urged his followers to sell both MicroStrategy (MSTR) and Bitcoin outright as gold resumed its rally.
Summer Range Holds
Since Bitcoin briefly tested lows near $58,000 in early July, the asset has repeatedly rallied into the mid-$60,000s only to stall. A decisive close above $65,000 would put Bitcoin within range of retesting levels not visited since earlier this year.
Schiff's skepticism extends beyond short-term price action. Months ago, he warned holders they would regret not selling above $60,000, characterizing a bounce back toward $65,000 at the time as exit liquidity rather than confirmation of a new uptrend. He has maintained that stance through the summer, at various points suggesting downside targets as low as $20,000.
Institutional Focus
Institutional positioning around Bitcoin exchange-traded funds and corporate treasury buyers, including Strategy, will likely serve as a tiebreaker for which direction the range eventually resolves. Until then, Schiff's own uncertainty about why the expected selloff has not materialized may be as telling a signal as any of his more confident forecasts.