BitForex founder sees BTC rangebound amid $80,000-$82,500 selling

Garrett Jin, founder of the fraudulent crypto exchange BitForex, expects BTC to remain rangebound while it absorbs selling pressure between $80,000 and $82,500. He said a healthy pattern would involve BTC trading within a $72,500-$84,000 range for several weeks as leverage and volatility decline. A stable daily close above $82,500 would indicate that overhead supply had been absorbed. U.S. spot BTC ETFs recorded about $2.8 billion in net inflows over eight consecutive trading days through Aug. 26, lifting total August inflows to about $3.3 billion, the largest monthly total this year. Jin said spot buying was absorbing sell orders near the top of the range. He advised caution if BTC closes below $76,600 and at least two of ETF flows, the Coinbase premium, and seven-day average net realized profit and loss also deteriorate.

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