Bitcoin Price Faces Resistance as Peter Schiff Warns Ahead of Fed Rate Cut

Bitcoin price is up by a fraction of a percentage in the last 24 hours to trade at $116,867 on a 20% drop in the daily trading volume to $50.58 billion.

The jump in BTC price comes despite Bitcoin critic Peter Schiff warning that the crypto is showing signs of topping out ahead of the September 17 Fed meeting, where markets expect at least a 25 bps rate cut. Even though BTC gained 4% this week, it remains stuck below $116,000 and is still 15% under its 2021 peak when compared to gold.

Schiff argued that cutting rates while inflation is rising could worsen economic risks. He also pointed out that gold, silver, and equities like the S&P 500 and NASDAQ are performing better, while Bitcoin is facing selling pressure instead of gaining from the expected rate cut.

Crypto analyst Ted Pillows noted that rate cuts usually signal economic weakness and often lead to weak performance in U.S. stocks shortly after. However, he believes crypto may act differently, since digital assets often recover before equities. In September, altcoins have already shown stronger performance than Bitcoin, with the altcoin season index moving higher.

Meanwhile, Goldman Sachs expects the Fed to deliver three straight rate cuts in September, October, and December, followed by two more in 2026, which could lower the federal funds rate to 3%–3.25%.

Bitcoin Active Addresses Stay Volatile

The Bitcoin network activity shows big ups and downs. Data from CryptoQuant shows active addresses moving between 700,000 and 1.3 million over the past year. Even with this sharp movement, Bitcoin’s price has kept rising since late 2024.

Bitcoin Active Addresses. Source: CryptoQuant

Right now, about 785,000 active addresses are recorded, which is lower than past highs but still healthy for the network. More active addresses usually mean higher demand and stronger user growth, while fewer addresses can point to weaker activity.

For now, Bitcoin is holding steady above $110,000, showing strong investor confidence despite the swings in address activity.

Bitcoin Price Rounded Bottom Formation Points to $150K Target

Bitcoin (BTC) is trading at $116,036, slightly higher today with a 0.67% gain. The daily chart shows a strong bullish setup forming over the past months. Earlier this year, Bitcoin built a rounded bottom pattern, finding support near $72,000 and breaking above the neckline at $100,000. This type of pattern usually signals a longer-term upward trend.

BTCUSDT Analysis. Source: Tradingview

After the breakout, BTC moved sideways between June and August in a consolidation phase. This period helped the market reset and allowed buyers to build stronger positions. The latest bounce from around $110,000 is now acting as a new buying point, showing that demand is returning.

The chart points to a reward zone with a clear target near $150,000. If Bitcoin can hold above the $115,000–$116,000 range, it increases the chance of hitting that target in the coming months. The next key resistance level sits at $120,000, while the nearest support is around $110,000.

The Relative Strength Index (RSI) is at 58.68, which is slightly bullish but not yet overbought. This leaves space for more growth before the market overheats. If RSI climbs above 60, it could confirm stronger momentum for another rally.

Right now, Bitcoin looks set for more upside. The rounded bottom breakout, the healthy consolidation, and steady RSI suggest that the market trend is still positive. If buyers continue to defend support and push past $120,000, Bitcoin could climb toward the $140,000–$150,000 zone.