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

BitcoinWorld 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.