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The Pullback Floor: Peter Schiff Warns $60K is a "Trap Door" as $BTC Slips to $74,720 🐻🚨
Perennial gold bug and crypto skeptic Peter Schiff is back with a fresh warning, dismissing the popular consensus that the $60,000 February low marks the definitive cycle bottom. 🚀
Following a 3.29% early Saturday slide that dragged $BTC down to $74,720, Schiff labeled the $60K support line a "trap door," warning that a breakdown would trigger a catastrophic, long way down.
From a technical perspective, Bitcoin's failure to maintain a foothold above its True Market Mean ($78,300) in May has forced a short-term trend reversal. 🛡 The 30-day institutional cost basis at $78,200 has officially flipped into heavy overhead resistance.
Near-term market structures indicate that the most immediate, critical line of defense now sits at $71,400 - the average cost basis for investors who accumulated during the February–April consolidation phase.
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