Garrett Jin said in his latest weekly report that Bitcoin climbed as high as $82,300 last week but failed to break the key $82,500 resistance level, then moved back into its trading range. In his view, that price action shows the current consolidation phase is not over. He added that the market may not even be halfway through the broader correction and rebalancing process. Jin also said spot demand has softened in the near term, while supply remains heavy above $82,000. Under those conditions, he said, the risk-reward profile is unattractive for both chasing upside moves and shorting pullbacks within the current range. The comments were cited by ChainCatcher in a market analysis update.
ChainCatcher reported that Garrett Jin said in his latest weekly report that Bitcoin rose to as high as $82,300 last week, failed to break the key $82,500 resistance level, and then slipped back into its range.
He said the move suggests the current consolidation has not ended, and that the market may not yet be halfway through the full correction process.
In the short term, Jin said spot demand has weakened, while supply remains heavy above $82,000. Within the current range, he said the risk-reward setup is poor for both chasing gains and shorting a pullback.
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