Garrett Jin: Bitcoin's key resistance range is between $80,000 and $8.25,000, making it difficult to sustain the momentum for a long time

Comparing news, BTC OG insider giant whale agent Garrett Jin wrote that the Bitcoin price broke through the previous fluctuation range of about $65,000 this week, the biggest one-day increase since March, and broke through $70,000. The breakthrough was driven by multiple factors such as the US Treasury's expansion of bond repurchases, the US Securities and Exchange Commission (SEC)'s proposed regulatory framework for the issuance of crypto assets, and the White House Cryptocurrency Summit. Bitcoin has now entered a tight zone formed from the latter half of $60,000 to the low of $80,000, and the first resistance layer has clearly loosened.

Bitcoin's current market bottom base is one of the strongest stages since this cycle. Over the past two months, the $60,000 region has accumulated a large number of new holding costs, which has provided some support for this breakthrough. Although this round of gains was partly driven by bear liquidations, and this emptying momentum is difficult to sustain in the long term, short-term momentum may still push Bitcoin to continue upward and increase the probability of breaking through $80,000. However, $80,000 to $82,500 is still a resistance area that needs to be focused on, and whether it can be effectively broken through in the future will depend on trading volume and price trends; if it can continue to absorb chips below $80,000 before breaking through, it may form a healthier upward structure.

Additionally, SK Hynix announced the implementation of the largest share repurchase and cancellation plan in the history of the Korean market this week, and promised to return at least 50% of the estimated free cash flow until 2027 to shareholders through stock repurchases and dividends. After the news was announced, SK Hynix's stock price once surged by more than 10%, which led to a strong rise in the Korea Composite Index (KOSPI) to trigger a buyers' fuse mechanism. Analysts believe that this buyback is expected to ease the market's previous concerns about the decline in risk appetite for Korean semiconductor stocks, the liquidation of leveraged ETFs, and the peak of the memory cycle, but it cannot change the cyclical trend of the memory industry itself.

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