Bitcoin stuck below $82.5K until selling pressure clears, says BitForex founder

Garrett Jin, founder of the cryptocurrency exchange BitForex, which was shut down amid fraud allegations, said Bitcoin is likely to remain rangebound until it can break through a key resistance zone between $80,000 and $82,500. In a blog post published this week, Jin outlined a scenario where BTC could trade sideways for several weeks, allowing the market to absorb overhead selling pressure and reset leverage.

Key levels and market conditions

Jin identified a broad trading range of $72,500 to $84,000 for Bitcoin, noting that a period of consolidation within this band would be healthy for the market. He said a stable daily close above $82,500 would signal that the supply overhang has been absorbed, potentially opening the door for a sustained move higher. Conversely, he warned that a daily close below $76,600—near the average cost basis of short-term holders—could signal weakness, especially if other indicators deteriorate.

ETF inflows provide support

Jin pointed to strong inflows into U.S. spot Bitcoin ETFs as a key source of buying pressure. According to his analysis, these funds recorded approximately $2.8 billion in net inflows over eight consecutive trading days through Aug. 26, bringing total August inflows to about $3.3 billion—the largest monthly total this year. He noted that while sell orders remain concentrated near the top of the range, spot buying is absorbing them, which could help Bitcoin build a base for a breakout.