Peter Schiff Issues Massive Bitcoin Trap Door Warning as BTC Risks Collapse

• Peter Schiff calls Bitcoin’s $60,000 support level dangerous market trap door
• Bitcoin struggles below $82,000 while analysts monitor critical $71,400 support zone
• Market volatility increases as Bitcoin drops amid renewed bearish pressure concerns

Bitcoin critic Peter Schiff warned that Bitcoin could still suffer a major collapse despite maintaining support above $60,000 for several months. According to Schiff, investors treating the $60,000 level as a secure floor may be walking into what he described as a “trap door.”

During a recent exchange on X, a Bitcoin supporter claimed that $60,000 had already established itself as the market bottom. However, Schiff quickly rejected that argument and doubled down on his bearish outlook for the leading cryptocurrency. According to Schiff, Bitcoin still has “a long way down” despite recovering strongly from its February lows.

Bitcoin previously dropped to nearly $60,000 on February 6 before staging a major rebound across the following months. Since then, the asset climbed almost 25%, encouraging many investors to believe institutional buying had created strong downside protection. Nevertheless, Schiff’s latest remarks challenged growing optimism surrounding Bitcoin’s current market structure.

At the time of the report, Bitcoin traded near $74,720 following another volatile session across the crypto market. Besides that, the asset declined 3.29% during the previous 24 hours as selling pressure intensified throughout the broader sector.

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Bitcoin Faces Resistance While Support Levels Tighten

Recent trading activity also revealed Bitcoin struggling to sustain momentum above several important technical levels. The cryptocurrency attempted multiple rallies above $82,000 during May but failed to maintain strength after each breakout effort. Analysts identified the True Market Mean near $78,300 as a major resistance zone limiting further upside movement.

Additionally, historical Bitcoin cycles suggest consolidation periods often continue for weeks or months before stronger bullish continuation appears. Consequently, analysts remain focused on short-term holder support regions during the current correction phase.

Data from the report showed that investors who accumulated Bitcoin between February and April currently hold an average cost basis near $71,400. Market analysts identified that region as the most immediate support level for the ongoing pullback. Meanwhile, the 30-day cost basis near $78,200 shifted into overhead resistance after Bitcoin lost upward momentum near that range.

Several market observers still believe institutional demand could prevent a deeper correction below the February lows. However, Schiff’s latest warning introduced another bearish outlook at a time when Bitcoin continues struggling below key resistance levels. Investors now remain closely focused on whether Bitcoin can preserve support above $71,400 if volatility increases further across the crypto market.

Conclusion

Bitcoin remains trapped between weakening momentum and expectations of another recovery phase. While institutional demand continues supporting long-term optimism, Peter Schiff’s latest warning added renewed pressure to debates surrounding Bitcoin’s ability to avoid another major breakdown.

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