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Bitcoin Recovers From Sub-$30,000 Zone, but Peter Schiff Has Bearish Warning for Bulls

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Wed, 07/21/2021 - 06:39
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Alex Dovbnya
Peter Schiff believes that Bitcoin rallies above $30,000 may be short-lived
Bitcoin Recovers From Sub-$30,000 Zone, but Peter Schiff Has Bearish Warning for Bulls
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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.

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.