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Bitcoin price was trading lower on Thursday as a negative sentiment in the crypto industry continued while the German government dumped more tokens. 
The <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC </a>token dropped to a low of $59,918, its lowest point since May 1st. It has also moved into a technical bear market as it dropped by 20% from its highest level this week. 
Peter Schiff, a well-known player in the financial industry and Bitcoin bear continued to warn about Bitcoin. In an X post, he warned that the coin would drop sharply if it lost a crucial support level.&nbsp; 
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 As you can see <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> is at critical support. If it doesn't hold, look out below. It's a long way down. <a href="https://t.co/uP9I24dILI" target="_blank" rel="">pic.twitter.com/uP9I24dILI</a>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1808736316437213664?ref_src=twsrc%5Etfw" target="_blank" rel="">July 4, 2024</a>
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Peter Schiff is one of the most high-profile bears in the market. Over the years, he has recommended investing in gold, which he sees as the best alternative to the US dollar. 
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 <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/07/Bitcoin-price-2-1024x570.png" alt="Peter Schiff says Bitcoin price at 'critical support': is he right? - 32"> 
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Bitcoin price chart 
This view is in line with what <a href="https://crypto.news/bitcoin-price-nears-key-support-riot-mara-and-clsk-stocks-at-risk/" target="_blank" rel="noreferrer noopener">was reported on Wednesday</a>when the charts identified $56,534 as an important support level. That price is the neckline of the quadruple top pattern at $71,780 and also the 200-day moving average level. Therefore, if this support is broken, there is a likelihood that it will drop to the psychological level at $50,000 followed by $44,000. 
<h2 class="wp-block-heading" id="german-sales-and-miners-capitulation">German sales and miners capitulation</h2> 
Bitcoin’s sell-off accelerated after on-chain data showed that the <a href="https://crypto.news/germany-transfers-millions-in-bitcoin-to-various-wallets/" target="_blank" rel="noreferrer noopener">German government continues to sell</a> its Bitcoin holdings.&nbsp; 
It transferred 3,000 coins to Bitstamp, Coinbase, and Kraken. At the current price, the new tranche is valued at over $174 million. It now holds 40,359 coins valued at over $2.3 billion, which it will likely liquidate.&nbsp; 
Germany is not the only entity that is selling its Bitcoins. There are signs that <a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/" target="_blank" rel="noreferrer noopener">Bitcoin miners have started to capitulate</a> by selling their holdings. Julio Moreno, of <a href="https://crypto.news/miners-capitulation-looms-if-bitcoin-fails-to-recover-significantly-cryptoquant-says/" target="_blank" rel="noreferrer noopener">CryptoQuant noted</a> that these companies would start to capitulate if Bitcoin faces strong resistance. 
There are also signs that the US government will start selling Bitcoins worth over $9 billion. These coins are linked to Mt.Gox, an exchange that collapsed in 2014.&nbsp; 
All this is haopening at a time when&nbsp; data shows that the amount of Bitcoin balances in exchanges has continued rising in the past few days.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="289" src="https://crypto.news/app/uploads/2024/07/Bitcoin-Balances-1-1024x289.jpeg" alt="Peter Schiff says Bitcoin price at 'critical support': is he right? - 33"> 
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Bitcoin balances in exchanges are rising 
The other risk is related with US politics, where the consensus view is that Joe Biden will step down and be replaced by a stronger candidate. Some of the suggested candidates are Kamala Harris, Gretchen Whitmer, Gavin Newsom, and Michele Obama. 
These candidates have a chance to beat Donald Trump, who is seen as a more crypto friendly presidential candidate.&nbsp; 
At the same time, Bitcoin’s open interest in the futures market has continued falling, which is a bearish sign.

Peter Schiff says Bitcoin price at ‘critical support’: is he right?

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