Bitcoin skeptic Peter Schiff says he isn’t sure why bitcoin didn’t sell off recently amidst the burgeoning volatility, pointing to $65,000 as the resistance level traders are watching most closely this week.
Key Takeaways
Peter Schiff flagged $65,000 as bitcoin’s key resistance after the asset continued to hold steady its current band.Bitcoin has traded between $58,000 and $65,000 since early July, down nearly 50% from its 2026 peak.Schiff urged holders to sell Strategy’s MSTR and bitcoin last week citing gold’s rally as a bearish catalyst.The comments landed squarely inside a trading range that seems to have defined bitcoin’s summer, with the asset bouncing between roughly $58,000 and $65,000 (with rallies largely capped around the latter limit).
A Resistance Level That Keeps RepeatingHe has maintained that stance through the summer even as bitcoin has avoided the deeper breakdown he has repeatedly forecast, at various points suggesting downside targets as low as $20,000.
For the time being, bitcoin seems content sitting near a well-defined ceiling without committing to a direction. However, a decisive close above $65,000 would put bitcoin within range of retesting levels not visited since earlier in the year.
Not only that, institutional positioning around bitcoin exchange-traded funds and corporate treasury buyers, including Strategy, will likely stay in focus as a tiebreaker for which direction the range eventually resolves. Until then, Schiff’s own uncertainty about why the sell-off hasn’t come may be as telling a signal as any of his more confident predictions.
