BlockBeats reported on Aug. 20 that Garrett Jin, identified in the source as the agent for a 「BTC OG insider whale,」 said Bitcoin broke above its previous consolidation range of about $65,000 this week, logged its biggest single-day gain since March, and moved past $70,000.
According to Jin, the breakout was driven by several factors: the U.S. Treasury’s expanded bond buybacks, a planned crypto asset issuance regulatory framework from the U.S. Securities and Exchange Commission (SEC), and a White House crypto summit.
$80,000 to $82,500 is the next resistance zone in focus
Jin said Bitcoin has now moved into a dense overhead supply zone formed between the upper end of the $60,000 range and the lower end of the $80,000 range. He added that the first layer of resistance has already shown clear signs of loosening.
He also said the market’s current bottom structure is one of the strongest points of this cycle so far. Over the past two months, the area just above $60,000 has built up a large amount of new cost-basis positioning, which he said helped support the latest breakout.
Still, Jin noted that part of the current rally was driven by short liquidations, and said this kind of short-squeeze momentum is difficult to sustain over a long period. In the near term, though, he said momentum could still push Bitcoin higher and raise the probability of a break above $80,000.
In his view, $80,000 to $82,500 remains the key resistance range to watch. Whether Bitcoin can break through effectively from here will depend on trading volume and price action. He added that if the market can continue absorbing supply below $80,000 before a breakout, the advance may develop into a healthier structure.
Jin also pointed to developments in South Korean equities
Beyond Bitcoin, Jin said SK Hynix announced what the source described as the largest share buyback and cancellation plan in the history of the South Korean market this week. The company also pledged to return at least 50% of its expected free cash flow through 2027 to shareholders through buybacks and dividends.
After the announcement, SK Hynix shares rose more than 10% at one point, and the move helped lift the Korea Composite Stock Price Index (KOSPI) strongly enough to trigger a buy-side circuit breaker.
The analysis cited in the source said the buyback could ease earlier concerns over weaker risk appetite for South Korean semiconductor stocks, deleveraging in leveraged ETFs, and the possibility that the memory cycle had peaked. It also said the plan would not change the underlying cyclical pattern of the memory industry itself.