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It’s Now ‘Do or Die’ for Bitcoin (BTC): Peter Schiff by U.Today

U.Today – Renowned gold advocate Peter Schiff has once again shared his bearish view on the stock market, emphasizing that this is an existential moment for digital gold. Last week, Schiff pointed to Bitcoin’s position, suggesting that the plunge into what he calls the “danger zone” could be a decisive turning point.

Bitcoin has indeed crossed the $60,000 threshold, a level that has served as strong psychological and technical support during the 2024 bull run. This collapse has further reinforced negative sentiment in the market. According to Schiff, a drop below this key level could mark the end of the bullish run that has captivated the market over the past year.

The chart shows that Bitcoin is currently around $58,540, with the 100-day Exponential Moving Average (EMA) nearby. Schiff warns that a sustained decline below this moving average would confirm the bearish trend, effectively ending the rally and potentially ending the bull run in the near future.

Furthermore, an increase in trading volume, which accompanies the price drop, indicates increased selling pressure. This increase in volume is typically a bearish indicator, further supporting Schiff’s hypothesis that the market is turning. Sentiment among traders is becoming increasingly cautious, with many bracing for further declines.

From a technical perspective, if Bitcoin fails to regain the $60,000 level, the next major support lies at $51,965. This represents a significant pullback from recent highs, and a decline to this level could spur further selling.

On the other hand, a recovery from current levels must overcome the resistance at $60,000 to negate the bearish scenario. A successful move above could see Bitcoin attempt to reach a higher resistance level around $64,000, which could provide a glimmer of hope for bulls.

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This article was originally published on U.Today