Bitcoin's Price Likely Stuck Below $82.5K Until Selling Pressure Clears

Garrett Jin, founder of BitForex, predicts that Bitcoin's price will remain rangebound until it can break through the key resistance zone between $80,000 and $82,500.

In a recent blog post, Jin outlined a scenario where BTC could trade sideways for several weeks, allowing the market to absorb overhead selling pressure and reset leverage.

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.

A stable daily close above $82,500 could signal that the supply overhang has been absorbed, potentially opening the door for a sustained move higher.