Bitcoin BTC/USD trades near $113,000 on Wednesday, caught between Peter Schiff's crash warning and a chart setup that could define its next major move.
Schiff Warns Of Confidence-Driven Fragility
In an X post, Schiff said Bitcoin "works only as long as there's a growing supply of fools."
He argued that when momentum fades, belief erodes, and Bitcoin "crashes."
The gold advocate's comments highlight long-standing skepticism that Bitcoin lacks intrinsic value and depends on continuous adoption.
Supporters counter that Bitcoin's scarcity and decentralized design provide value similar to digital gold.
BTC Holds Near Key Fibonacci Zone
Bitcoin Price Analysis (Source: TradingView)
Bitcoin has stabilized after last week's decline to $108,900.
The daily chart shows price reclaiming the 20-day EMA at $112,405 and hovering near the 50-day EMA at $113,378.
A close above $113,400 would confirm bullish control and open targets toward $117,660, the 0.618 retracement of the September drop.
Further resistance appears at $121,490 and $126,369, the prior cycle high.
Support Cluster Protects Bullish Structure
Support lies between $108,995 and $108,394, where the 200-day EMA aligns with the 0.236 Fibonacci level.
Losing that band would tilt short-term bias negative and expose $103,576 as the next downside level.
Momentum remains balanced, with RSI near 51.
Strength above 55 would confirm renewed buying; a drop below 45 could revive bearish pressure.
Why It Matters
Bitcoin sitting at $113,000 is not just about technical levels or Peter Schiff's critique.
When confidence debates collide with Fibonacci pivots, the outcome often sets the tone for global risk appetite.
This moment could determine whether Bitcoin evolves further into a macro asset or reverts to being a sentiment-driven trade.
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