BitForex founder predicts BTC rangebound until breaking above 82500

Garrett Jin, founder of BitForex, stated that BTC is likely to remain rangebound as it faces selling pressure in the 80000-82500 zone. He indicated that a healthy pattern would involve BTC trading within a 72500-84000 range for several weeks while leverage and volatility decrease. A stable daily close above 82500 would suggest that the overhead supply has been absorbed. Jin noted that U.S. spot BTC ETFs experienced approximately 2.8 billion dollars in net inflows over eight consecutive trading days through August 26, bringing total August inflows to about 3.3 billion dollars, the largest monthly total this year. Despite sell orders near the top of the range, spot buying is absorbing them. Jin advised caution if BTC closes below 76600, near the average cost basis of short-term holders, especially if at least two of the following metrics deteriorate: ETF flows, the Coinbase premium, and seven-day average net realized profit and loss.

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