Zinger Key Points
- Bitcoin along with its crypto cousins have taken a beating this year amid an increase in risk aversion.
- Macro challenges and geopolitical tensions have worked in unison to sap the risk appetite of financial markets.
- Unlock your all-in-one trading dashboard with real-time alerts, rankings, and stock ideas—now 60% off for Memorial Day.
Bitcoin BTC/USD and its crypto cousins have all fallen sharply this year, along with other risky bets such as equities.
Bitcoin basher and crypto skeptic Peter Schiff on Sunday took to Twitter to offer a piece of advice to “HODLers.”
The gold bull shared a chart of Bitcoin dropping below a support area around $16,845 and said the apex crypto is now much closer to its ceiling than its floor. “The yellow line that was once support is now resistance,” he added.
The smart move is to sell Bitcoin today, Schiff said, reasoning that the upside potential is low and the downside risk is high.
See also: Best Cryptocurrency Exchanges
Bitcoin has lost about 64% year-to-date, a steeper loss compared to the S&P 500 Index, which is down a more modest 19%.
The crypto’s losses, however, are comparable with most big techs, including Meta Platforms, Inc. META and Amazon, Inc. AMZN.
At last check, Bitcoin was trading down 0.16% at $16,821.64, according to Benzinga Pro data.
Read next: Crypto Moves Of Christmas Past: How Bitcoin, Ethereum And Dogecoin Usually Trade Near Year-End
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