Garrett Jin: Bitcoin Key Resistance Zone $80,000 to $82,500, Short Squeeze Momentum Difficult to Sustain Long Term

BlockBeats News, August 20th, the "BTC OG Whale Insider" agent Garrett Jin posted, stating that the Bitcoin price broke through the previous range of about $65,000 this week, marking the largest single-day gain since March and surpassing $70,000. This breakthrough was driven by multiple factors, including the U.S. Treasury's expanded bond buyback, the U.S. Securities and Exchange Commission (SEC) planning to introduce a regulatory framework for cryptocurrency issuance, and the White House cryptocurrency summit. Bitcoin has now entered a consolidation phase between the $60,000 and $80,000 key levels formed after the $60,000 breakout, with the first major resistance level showing signs of weakening.

The current market bottom for Bitcoin is one of the strongest phases in this cycle, with the $60,000 region accumulating a significant amount of new holding costs over the past two months, providing some support for this breakout. Although part of this uptrend has been driven by short liquidation, this "short squeeze" momentum is difficult to sustain in the long term. Short-term momentum may still drive Bitcoin higher and increase the probability of breaking $80,000. However, the $80,000 to $82,500 range remains a key resistance area to watch, and the ability to break through will depend on trading volume and price action. If chip absorption continues below $80,000 before the breakout, a healthier uptrend structure may form.

Furthermore, SK Hynix announced this week the implementation of the largest stock buyback and cancellation plan in South Korea's market history. The company pledged to return at least 50% of its estimated free cash flow through stock buybacks and dividends to shareholders by 2027. After the announcement, SK Hynix's stock price surged over 10%, leading to a strong rally in the Korea Composite Stock Price Index (KOSPI), triggering a circuit breaker on the buy side. Analysts believe that this buyback is expected to alleviate previous concerns in the market about declining risk appetite for Korean semiconductor stocks, leveraged ETF liquidations, and the peak of the memory cycle, but it cannot alter the inherent cyclical trend of the memory industry.