Bitcoin skeptic Peter Schiff says he isn’t sure why bitcoin didn’t sell off recently amidst the burgeoning volatility, pointing to $65,000 as the resistance level traders are watching most closely this week.
Schiff Says Bitcoin Faces Key $65K Resistance Test, Expected Major Selloffs
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Key Takeaways
- Peter Schiff flagged $65,000 as bitcoin’s key resistance after the asset continued to hold steady its current band.
- Bitcoin has traded between $58,000 and $65,000 since early July, down nearly 50% from its 2026 peak.
- Schiff urged holders to sell Strategy’s MSTR and bitcoin last week citing gold’s rally as a bearish catalyst.
Schiff’s Latest Bitcoin Puzzle
Peter Schiff, the gold-bull economist and longtime bitcoin critic, is once again puzzling over the network’s refusal to crack under pressure, noting that he wasn’t sure why bitcoin didn’t sell off over the past 24 hours. He singled out $65,000 as the resistance level standing between the asset and its next leg down.
Schiff first flagged the $65,000 region as a rejection point early last week, calling bitcoin “anti-gold” and arguing that every leg higher in gold has coincided with a leg lower in bitcoin. Subsequently, he urged his followers to sell both MSTR and bitcoin outright as gold resumed its rally.
The comments landed squarely inside a trading range that seems to have defined bitcoin’s summer, with the asset bouncing between roughly $58,000 and $65,000 (with rallies largely capped around the latter limit).
A Resistance Level That Keeps Repeating
Since bitcoin briefly tested lows close to $58,000 in early July, the asset has repeatedly rallied into the mid-$60,000s only to stall. Technical analysts point to the 50-day and 200-day moving averages sitting overhead as reinforcing resistance, while the 20-day moving average has become the level bulls need to reclaim to make any credible case that a bottom is forming.
That said, Schiff’s skepticism is not new, and it is not limited to price levels because a couple of months ago he was warning holders they would come to regret not selling bitcoin above $60,000, arguing that the asset’s bounce back toward $65,000 at the time was a gift for exit liquidity rather than confirmation of a new uptrend.
He has maintained that stance through the summer even as bitcoin has avoided the deeper breakdown he has repeatedly forecast, at various points suggesting downside targets as low as $20,000.
For the time being, bitcoin seems content sitting near a well-defined ceiling without committing to a direction. However, a decisive close above $65,000 would put bitcoin within range of retesting levels not visited since earlier in the year.
Not only that, institutional positioning around bitcoin exchange-traded funds and corporate treasury buyers, including Strategy, will likely stay in focus as a tiebreaker for which direction the range eventually resolves. Until then, Schiff’s own uncertainty about why the sell-off hasn’t come may be as telling a signal as any of his more confident predictions.
