Garrett Jin: $80K-$82.5K Key Resistance Zone for Bitcoin, Short-Squeeze Momentum Hard to Sustain

Garrett Jin, proxy for the "BTC OG insider whale," analyzed that Bitcoin's latest breakout above $70,000 is driven by multiple bullish factors, including the U.S. Treasury's expanded bond buybacks, the SEC's proposed crypto asset regulatory framework, and the White House crypto summit. The current price has entered a dense trapped-position band spanning from the upper $60,000s to the low $80,000s, with the first resistance layer already showing signs of loosening.

Garrett Jin noted that over the past two months, the area just above $60,000 has accumulated significant new cost bases, providing bottom support for this breakout. While the short-squeeze rally triggered by short liquidations could still push Bitcoin above $80,000 in the near term, the $80,000-$82,500 range is a key resistance zone to watch, and the squeeze momentum is unlikely to persist long-term. If the market can effectively absorb chips below $80,000 before a breakout, it would better support the healthy development of the subsequent trend.

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