Garrett Jin said in his latest weekly market view that Bitcoin’s move higher stalled after touching $82,300 last week, with the pullback showing that resistance above $80,000 remains firm. In his view, the current consolidation phase has not ended, and the market may not even be halfway through that process yet. He outlined a conditional upside path in which BTC reclaims $82,500 alongside stronger spot demand, opening the way to the next resistance band at $83,000 to $86,000. On the downside, he said traders should first watch support at $76,000 to $77,000 if spot demand stays weak. A break below that range could quickly send BTC to $74,000 to $75,000, while key demand support sits near $72,000 to $72,500. Garrett Jin also kept his existing call that there is roughly a 70% probability this cycle’s bottom is $60,000. He added that while he remains constructive on the macro outlook into year-end, he is keeping risk exposure lower in the short term.
Garrett Jin said in his latest weekly view that Bitcoin retreated after reaching a high of $82,300 last week, a move he said shows resistance above $80,000 is still strong. He added that the current consolidation phase is not over and that the market may not yet be halfway through it.
Key resistance and support levels
Jin said that if BTC reclaims $82,500 and spot demand strengthens, the next resistance zone would be $83,000 to $86,000.
If spot demand remains weak, he said the first support area to watch is $76,000 to $77,000. If that level breaks, BTC could quickly move down to $74,000 to $75,000. He placed key demand support near $72,000 to $72,500.
Cycle low call remains unchanged
Jin also maintained his view that there is about a 70% probability that this cycle’s bottom is $60,000. While he said he remains constructive on the macro outlook before year-end, he added that he is running lower risk exposure in the short term.
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