Jin Sees Bitcoin Consolidation Range Amid Federal Reserve Speech Frenzy
Chinese cryptocurrency expert Garrett Jin has shared his expectations for Bitcoin and Ethereum markets. According to Jin, Bitcoin will likely consolidate within a specific range for now as it attempts to overcome selling pressure in the $80,000-$82,500 region.
Jin stated that a stable daily close above $82,500 could signal that the current selling pressure has been absorbed and that supply in the upper regions has been largely met. On the other hand, if Bitcoin falls below $76,600, it could lead to a downward move.
Jin also took a position on Bitcoin, opening a new long position of 600 BTC on August 26th at approximately $79,000. This adds to his existing long position, bringing his total to 1,868 BTC with an average entry price of around $77,090.