Chinese Founder Takes Short Position in Bitcoin, Sees $70k-$72k Low Point

The cryptocurrency market saw a sharp decline after the US non-farm payroll figures for August were released. Bitcoin, which had reached above $80,000 earlier in the day, fell to $79,200. This downturn affected altcoins as well, with Ethereum dropping to $2,450 and Solana falling to $101.

Jiang Zhuoer, the Chinese founder of the BTC.top mining pool, took a short position in Bitcoin after its recent price increase. He cited weakening money flows in spot BTC ETFs as his reason for this decision. Jiang stated that despite seeing the first net outflow from ETF funds, he viewed Bitcoin's rise to around $81,500 as a selling opportunity.

Jiang expects Bitcoin to first retreat to the $70,000-$72,000 range, which he considers the last buying opportunity for the cryptocurrency. He also predicts that it will trade sideways between $76,000 and $82,000, with investors looking for profit-taking opportunities during this period. However, if Bitcoin rises towards the $83,000-$84,000 region, Jiang will cut his losses at $82,300.

Cryptocurrency analyst Murphy shared a differing view, stating that a return to the $63,000-$65,000 range for Bitcoin is unlikely. He argued that this region serves as a strong accumulation area for large investors and noted that new cost floors were concentrated in this range between August 4th and August 18th.