Garrett Jin: Bitcoin key resistance zone at $80,000 to $82,500, short squeeze momentum unlikely to persist

According to Odaily, Garrett Jin, representative of the "BTC OG Insider Whale," analyzed that Bitcoin's latest breakout above $70,000 was driven by multiple positive factors, including the expansion of U.S. Treasury bond buybacks, the SEC's proposed crypto asset regulatory framework, and the White House crypto summit. The current price has entered a dense zone of trapped positions ranging from the upper $60,000s to the low $80,000s, with the first resistance layer already showing signs of weakening.

Garrett Jin noted that over the past two months, a significant amount of new position costs has accumulated around the low $60,000 level, providing underlying support for this breakout. While the short squeeze triggered by short liquidations may still push Bitcoin higher above $80,000 in the short term, the $80,000 to $82,500 range is a key resistance zone to watch, and the short squeeze momentum is unlikely to persist over the long term. If the market can effectively absorb supply below $80,000 before the breakout, it would be more conducive to the healthy development of the subsequent trend.

On the same day, SK Hynix announced the largest-ever stock buyback and cancellation plan in South Korean history, committing to return at least 50% of projected free cash flow expected before 2027 to shareholders. Its stock price surged over 10% at one point, triggering a buy-side circuit breaker in South Korea's KOSPI index. Analysts believe this move may alleviate market concerns over declining risk appetite for South Korean semiconductor stocks, but it cannot change the cyclical trajectory of the memory industry itself.