Peter Schiff again questioned the status of bitcoin as an asset-refuge from economic problems.
This statement of the economist was made in the context of an unstable political situation and a bear trend of the flagship cryptocurrency.
After the fall below $ 75,000 at the beginning of this week, in response to the threat of introducing tariffs in the USA, the BTC rate has recovered a little and is now trading above $ 82,000.
The growth began after Trump set off the introduction of duties for 90 days (with the exception of China), which slightly reduced the concern of the market. Nevertheless, analysts doubt that bitcoin growth may continue.
Ali Martinez points to several bear indicators on the daily schedule of the leading cryptocurrency. He notes that the “Cross of Death” was formed, the Supertrend is in the “Selling” mode, and the monthly opening at $ 82,500 continues to act as resistance.
Currently, BTC ranges near the middle lane of the Bolinger ($ 83 138), demonstrating signs of consolidation.
The lower boundary of the range of $ 77.043 was recently tested, which indicates that the buyers took advantage of support. The narrowing ranges indicate a potential breakthrough, although the direction remains uncertain.
At the same time, the relative force index (RSI) is now at the level of 46.47, in the neutral zone, without being bought or resold. If the RSI rises above 50 and confirms this with a sharp increase in volume, then an increase in resistance by $ 85,000 to $ 87,000 may begin.
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Source: Cryptocurrency
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