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Garrett Jin, founder of the fraudulent crypto exchange BitForex, said BTC is likely to remain rangebound for now as it works through selling pressure in the $80,000-$82,500 zone.
In a blog post, Jin said BTC moving within a $72,500-$84,000 range for several weeks while leverage and volatility ease would be a healthy pattern. A stable daily close above $82,500 would signal that the overhead supply has been absorbed, Jin said. Jin added that U.S. spot BTC ETFs saw about $2.8 billion in net inflows over eight straight trading days through Aug. 26, bringing total August inflows to about $3.3 billion, the largest monthly total this year. Although sell orders remain near the top of the range, spot buying is absorbing them, according to Jin. Jin said caution would be warranted if BTC posts a daily close below $76,600, near the average cost basis of short-term holders, and at least two of the following also deteriorate: ETF flows, the Coinbase premium, and seven-day average net realized profit and loss.