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Peter Schiff Explains Why BTC Just Rallied to $28,000
In a surprising turn of events, Bitcoin (BTC) has rallied to reach a high of $88,804 on Monday, its highest level in nearly two weeks. According to reports, this sudden surge is attributed to the return of demand to the markets.
Notable market commentator Peter Schiff shed light on the key factors driving this rally. In his analysis, he emphasized that the recent inflows into Bitcoin investment products are a significant indication of investor confidence returning. Per data from CoinShares, these products saw influxes of $724 million last week, marking a reversal from five weeks of outflows.
Schiff underscored that if Bitcoin can break above its 50-day Simple Moving Average (SMA) at $89,994, the likelihood of a rally to $95,000 and ultimately $100,000 increases. Conversely, any failure to surpass this hurdle may trigger support levels at $85,221 and near $83,000.
However, if prices drop below $83,000, Schiff warns that it could precipitate a decline to as low as $80,000.
Schiff’s analysis highlights the importance of market demand in driving Bitcoin’s price movements.
Source: https://u.today/key-bitcoin-demand-catalysts-uncovered-by-peter-schiff-details
