Peter Schiff, a well-known advocate for gold and a persistent critic of Bitcoin, has once again ignited controversy within the cryptocurrency community by suggesting that Bitcoin might have already hit its ultimate peak.
BTC/USDT daily chart (Source: TradingView)
The short-term price movement remains unstable as Bitcoin continues to trade below several key moving averages.
Technical momentum indicators support this view. The MACD indicator is still in negative territory, signaling ongoing selling pressure. Nevertheless, the shrinking histogram bars hint at a reduction in bearish momentum, which often precedes either sideways consolidation or an upward crossover.
Additionally, the RSI has bounced back from deeply oversold levels toward more neutral ground. This suggests that after recent declines, the market could be entering an accumulation phase rather than facing immediate further sharp drops—unless new negative triggers arise.
Critical Resistance and Support Levels
The primary resistance level for Bitcoin currently stands near $72,736. This zone corresponds with previous rejection points and represents a significant hurdle for any bullish continuation attempts.
A clear breakout above this threshold would indicate strengthening buying momentum and potentially pave the way toward higher resistance zones between $85,276 and $86,845.
On the downside side of things, bulls are defending support around $67,850. Should prices fall below this mark decisively, attention will shift to subsequent supports at approximately $66,668 and then near $60,326. Falling beneath these levels could confirm sustained bearish control extending further corrective trends.
Order Book Insights Indicate Short-Term Buyer Interest
An analysis of order book data reveals notable bid walls clustered between roughly $69,300 to $69,500 — implying buyers are actively defending these price points. These liquidity pockets suggest dips into this range may attract temporary buying interest.
Conversely though there exist multiple small ask walls just above current prices forming short-term resistance ceilings. Successfully clearing these sell orders might allow modest upward moves but given relatively thin overhead liquidity layers beyond them overall upside depends largely on broader market forces rather than immediate order flow alone.
Possible Trading Strategies
Bullish traders might consider entering positions if Bitcoin maintains support above $67,850 while reclaiming resistance near $72,736 with strong volume confirmation.
This scenario would reflect renewed buyer strength targeting mid-$80,000s levels as potential profit-taking zones.
An appropriate stop-loss or invalidation point for long trades would lie just below reclaimed resistance or beneath nearby key supports.
Bears may look for short opportunities if BTC fails to break past resistance around $72,736 or breaks down under $67,850.
Downside targets in such cases include supports at about $66,668 & $60&comma ;326 .
Short positions should be reconsidered if prices manage sustained closes above major resistances.