Bitcoin Recovers From Sub-$30,000 Zone, but Peter Schiff Has Bearish Warning for Bulls

After a brutal sell-off on July 20, Bitcoin managed to stage a minor comeback.

The world’s largest cryptocurrency spiked to $30,923 at 5:39 a.m. UTC on the Bitstamp exchange.

Gold bug Peter Schiff, however, has already put a bearish spin on the recent bounce.

In a recent tweet, he writes that the $30,000 level has now turned into resistance.

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Schiff also noted that Bitcoin sold off on Tuesday while other risk assets recovered.

The S&P 500, for instance, closed 1.52 percent higher on July 20 while the Nasdaq Composite rose 1.57 percent.

While major stock indexes are trading near their recent all-time highs, Bitcoin is down 52 percent from its recent high.

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