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After witnessing a major sell-off on July 20, Bitcoin did manage to climb a bit above the $30,000 level, but Peter Schiff warns that this rally may be short-lived. On some exchanges, the flagship cryptocurrency reached the level of $31,000.
Peter Schiff Suggest Bitcoin May Go Bearish Again
Just when the price of Bitcoin was above the $30K level, Peter Schiff’s bearish comment on the biggest cryptocurrency sparks fears and may put Bitcoin again in the hands of bears. As revealed by him in his recent Tweet, Peter Schiff wrote that the $30K level of Bitcoin will now act as its resistance level.
In addition to this, he noted that BTC sold off on Tuesday while other risk assets witnessed recovery in their prices.
For example, the S&P 500 index marked a 1.5% jump on July 20, whereas the NASDAQ Composite managed to surge 1.57%.
This has marked a significant recovery from a one-month low, which Bitcoin made in the month of June on Tuesday at $29,296. This eventually suggests that the BTC price has found firm support at this level, even as the sentiment in wider financial markets remained brittle.
Crypto Market vs Other Financial Markets
Moreover, contrary to the altcoin market and Bitcoin, which is trading 52% lower than its recent highs, all the major stock indexes are trading near their latest all-time highs.
The major reasons behind the flagship cryptocurrency trading at half of its price, since the time it made its record high in the month of April of $64,895.22, are the crypto crackdown in China and the backlash from Tesla CEO Elon Musk.
Initially, Tesla stopped accepting payments in Bitcoin that triggered the fall in the market, which was followed by the ban on the crypto mining businesses by Chinese officials.
Talking about the altcoins in the market, Ethereum surged about 4% to touch the level of $1,862.