Peter Schiff Flags Bitcoin (BTC) Selling Opportunity at $65K Resistance

Bitcoin News

Bitcoin (BTC) reclaimed the $64,000 zone on Aug. 18, but Euro Pacific Capital CEO Peter Schiff urged investors to treat the rebound as a chance to trim risk rather than add exposure. In a post on X, Schiff said he was not certain why the largest cryptocurrency avoided a decline in the latest session, and he argued that the advance is not supported by any clear fundamental catalyst. He singled out $65,000 as a major resistance area, saying Bitcoin has limited upside potential above that level and that downside risks remain dominant while it trades below it. The remarks come as traders assess whether the recovery can extend after a volatile period. At the time of the post, market data showed Bitcoin changing hands near $64,405, up about 2.5% over the previous 24 hours, with the reaction at the $65,000 threshold now in focus. Schiff has long been one of Bitcoin's most visible critics, and his latest remarks keep that stance intact.

Futures positioning shows that a drop toward $57,000 could put Bitcoin's leveraged bulls under intense pressure. Liquidation, the automatic closure of a leveraged position when margin is exhausted, becomes the main risk if price breaks key support. Joao Wedson, CEO of crypto analytics platform Alphractal, said a move into that region could trigger a large wave of long liquidations. The danger is compounded by thin trading volumes: open interest is unusually large relative to activity, so a cascade of forced exits could overwhelm order books and turn a routine pullback into a sharper slide. Exchange analysis notes that Bitcoin is displaying mid-to-late bear market traits, with price trading between the long-term holder realized price of $52,699 and the short-term holder realized price of $67,176; the $63,200 realized-price median has provided support over the past two weeks. A loss of that level could put the June low of $57,803 back in focus. Against that backdrop, the daily chart shows a potential inverse head-and-shoulders bottom that, if confirmed, could open a path toward $76,000.

Grayscale's head of research, Zach Pandl, said Bitcoin has entered a period of unusually low activity, with spot trading volume and realized volatility both falling to cyclical lows. In a report published Aug. 17, Pandl pointed to one-month at-the-money implied volatility in options markets dropping to 32%, below the year-to-date average of 42%, suggesting traders are pricing limited near-term movement. He described the environment as “headline fatigue,” in which price reactions to news have become muted while investors wait for a new catalyst. Pandl drew a parallel to the summer of 2023, when Bitcoin spent weeks in a narrow range before breaking out and rallying about 50% into late autumn. This time, the uncertainty centers on the direction of macro policy and the pace of crypto regulation, he said. Quiet stretches rarely last long, and the current low activity may indicate that selling pressure is becoming exhausted, leaving Bitcoin potentially oversold.

Bitcoin's recovery through $64,000 triggered a broad unwind across digital-asset derivatives, clearing leveraged bets in Bitcoin and major altcoins. Derivatives tracking data shows total liquidations reached $221.94 million in the past 24 hours, with short positions accounting for $144.67 million, or 65.2%, while longs saw $77.27 million liquidated. Bitcoin alone contributed $80.62 million, including $76.27 million in short liquidations versus just $4.35 million in long liquidations, and the broader squeeze affected roughly 67,008 traders. In the most recent hour, $31.18 million was liquidated across the market, and $30.45 million of that came from long positions, about 97.7%. Over the past 12 hours, shorts still led with $78.06 million liquidated against $58.70 million for longs. The largest single liquidation was a $10.29 million position on HyperLiquid's BTC-USD market. The flip in hourly flows shows that short-term volatility has expanded even as the 24-hour trend favored the upside.

COINOTAG's proprietary 42-indicator composite S/R scoring engine places Bitcoin's immediate resistance at $64,509, rated 61/100 on a flipped support-to-resistance level, Value Area Low and low-volume node data. The strongest support beneath spot is $63,922, scoring 92/100 from the Ichimoku Kijun, a pivot point, the Ichimoku Tenkan and the EMA 20. With RSI at 53.4 and the MACD signal bullish, the trend remains constructive, but derivatives data points to caution: funding at 0.0039%, open interest of $13.43 billion, and a long/short account ratio of 1.64 with 62.1% of accounts long. With the Fear & Greed Index at 41, a sustained close above $64,509 keeps the bullish case alive; a break below $63,922 would invalidate the near-term recovery bias and put $62,486 in focus.