Peter Schiff Warns Bitcoin Near $90,000 Offers Selling Opportunity
- Market Warning: As Bitcoin approaches $90,000, Peter Schiff warns that this price level presents a selling opportunity for investors, despite a recent 1.92% increase, market activity has dropped by about 40%, indicating insufficient participation that could impact future price movements.
- Leverage Growth: Despite weak market sentiment, traders added approximately $2.4 billion in leverage across Bitcoin and Ethereum markets, increasing futures open interest from $35 billion to $38 billion, suggesting that investors are still opening new positions in a sluggish market, potentially heightening future volatility risks.
- Whale Activity: Two newly created wallets withdrew 1,600 Bitcoin from Binance within three hours, valued at about $143.65 million, raising questions about whale intentions; however, some traders remain cautious, arguing that a single event does not define market trends.
- Market Balance: Bitcoin prices fluctuate around $88,000, reflecting a balance between buyers and sellers; while Schiff's warnings and rising leverage indicate market division, the overall price direction remains unclear, prompting investors to monitor future market dynamics.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35997.598 | 47998.799 | 60267.618 | 72268.819 | 84537.638 | 96538.839 | 108807.658 |
| Fibonacci | 47998.799 | 57269.947 | 62997.671 | 72268.819 | 81539.967 | 87267.691 | 96538.839 |
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