- Bitcoin struggles as gold and silver gain momentum, warns Schiff.
- Bitcoin’s decline continues while safer assets like gold attract investors.
- Schiff predicts deeper Bitcoin losses as gold and silver surge.
Bitcoin continues to face significant pressure as traditional safe-haven assets, such as gold and silver, surge. Peter Schiff, a longtime critic of Bitcoin, has once again expressed concerns about the cryptocurrency’s long-term sustainability. With Bitcoin losing ground to these more stable investments, Schiff warns that Bitcoin could be in for even deeper losses.
Bitcoin, which had reached as high as $117,000 earlier this week, is now hovering around $112,900. The cryptocurrency is showing signs of weakness, struggling to maintain support above the 100-day exponential moving average (EMA) at $111,800.
If Bitcoin fails to hold this level, it could drop toward the 200-day EMA, a key support level traders are watching closely. A clear break below this zone could pave the way for Bitcoin to fall as low as $106,000, marking a more significant correction.
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Source: Tradingview
In contrast, gold and silver have seen renewed momentum. Gold is trading above $3,690, while silver has broken through key resistance levels at $40 and $43. Schiff attributes this surge in demand for gold and silver to their reputation as stable, safe-haven assets during uncertain economic times.
According to Schiff, this shift away from Bitcoin, which he argues has no inherent value and is highly susceptible to market volatility, is a sign that investors are becoming more cautious and seeking stability.
Bitcoin’s Struggles Reflect Broader Market Sentiment
The relative strength index (RSI) for Bitcoin has also weakened, moving closer to neutral levels around 45. This suggests that Bitcoin’s bullish momentum is fading. Furthermore, trading volume has been decreasing, indicating less market activity and interest in the cryptocurrency.
Schiff believes that once U.S. markets reopen, selling pressure on Bitcoin could intensify. If this trend continues, Bitcoin could be on the verge of a more significant downturn.
As gold and silver continue to gain favor, Bitcoin’s high volatility leaves it vulnerable to a sharper decline. With investors seeking refuge in more traditional assets, Bitcoin faces growing challenges. The coming trading sessions will be crucial in determining whether Bitcoin can defend its current range or if it will face further corrections.
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