{"id":498817,"date":"2022-08-15T19:45:26","date_gmt":"2022-08-15T19:45:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=498817"},"modified":"2024-06-11T14:22:34","modified_gmt":"2024-06-11T14:22:34","slug":"bitcoin-still-very-bearish-says-peter-schiff","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-still-very-bearish-says-peter-schiff\/","title":{"rendered":"Bitcoin Still Very Bearish, Says Peter Schiff"},"content":{"rendered":"
Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.<\/p>\n
After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase.<\/p>\n
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BTC\/USD trades at $24k. Source: TradingView<\/a><\/pre>\nSadly, one pattern\u2014the decreasing volume profile\u2014kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction.<\/p>\n
When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets.<\/p>\n