February 16, 2025

WELTRADE company blog | Peter Schiff – Bitcoin's sharp rise at the end of last week was caused by coordinated actions

Bitcoin lost some of the positions it gained at the end of last week, consolidating below the psychologicallevel 10,000.

German Federal Parliament publisheda statement stating that bitcoin and other cryptocurrencies are not real money, but only perform certain functions of money. The statement notes that the volume of payments in cryptocurrencies is far from the volume of payments in fiat currencies. It was also noted that cryptocurrencies cannot act as a means of accumulation due to their excessive volatility.

Well-known commentator on the cryptocurrency market andGold investing advocate Peter Schiff suggested that the sharp rise in Bitcoin's price late last week was due to coordinated actions by major players, rather than news that China might be enacting blockchain legislation or other fundamental factors.

WELTRADE Blog | Peter Schiff - The sharp rise in the price of bitcoin at the end of last week was caused by coordinated actions

According to Schiff, large players deliberately provoked a rise in prices in order to subsequently exit positions at a higher price.

Meanwhile, Google (NASDAQ:GOOGL) searches for Bitcoin hit a 3-month high. It is noteworthy that the majority of search queries are from African countries.

According to technical analysis, consolidation above 10,000 will open the way to 10,450. In the case of consolidation below 9100, a decline to 8500 is likely.

Vasily Barsukov (Chief Dealer WELTRADE)