After a brutal sell-off on July 20, Bitcoin managed to stage a minor comeback.
The world’s largest cryptocurrency spiked to $30,923 at 5:39 a.m. UTC on the Bitstamp exchange.
Gold bug Peter Schiff, however, has already put a bearish spin on the recent bounce.
In a recent tweet, he writes that the $30,000 level has now turned into resistance.
Let's see if it hold $30K. Rallies above $30K may now be resistance.— Peter Schiff (@PeterSchiff) July 21, 2021
Schiff also noted that Bitcoin sold off on Tuesday while other risk assets recovered.
The S&P 500, for instance, closed 1.52 percent higher on July 20 while the Nasdaq Composite rose 1.57 percent.
While major stock indexes are trading near their recent all-time highs, Bitcoin is down 52 percent from its recent high.