Bitcoin breaks below $20,000, losing the 2017 historic peak, while PeterSchiff expects a dead-cat bounce. $BTC
has finally lost the crucial level of $20,000 where it had been holding for a while with the community hoping for a price reverse.At the moment, the world’s flagship crypto is changing hands at $19,227 on the leading European Bitstamp platform, printing a long red hourly candle which pushed the price 6.58 percent down.in an attempt to tame the growing inflation in the country, when the consumer price index went up 8.6 percent.
That was the biggest rate hike in almost 30 years – since 1994. The rate was increased by 75 basis points. The news back on the day it was announced made Bitcoin rise about 4 percent but then it slightly dropped.was made by the Fed during the first days of May, when it was increased by a half percentage point. That was the biggest hike in 22 years - the reaction of Bitcoin was similar to the current one: first it held steady and then started falling down.
This was a historic high for BTC reached in December 2017 followed by a crypto winter. That was the first big ATH for the leading digital currency, which allowed other cryptocurrencies to follow to major highs.Prominent Bitcoin critic, CEO of Euro Pacific Capital and SchiffGold, Peter Schiff who has been criticizing BTC for years, has taken to Twitter to share a Bitcoin chart, where he shows a likely fall of Bitcoin below the $10,000 level to test $8,000.
He tweeted that BTC might demonstrate a dead-cat bounce off that level before it goes well lower. He warned Bitcoin holders that this could be their final chance to sell it while it is holding above $10,000.