Peter Brandt Says He Is Long Bitcoin as $82,000 Resistance Holds
Key Takeaways
- •Bitcoin was trading around $79,820, up 1.3% over the past 24 hours, after reaching a session high of $81,282 and failing to break the $80,000-$82,000 resistance zone.
- •Bitcoin climbed above $80,000 earlier this week for the first time since May, supported by growing fiscal policy concerns, and has gained roughly 28% in August according to CoinGecko data.
- •Veteran trader Peter Brandt said he remains long Bitcoin, alongside long positions in KC Wheat, soybeans, corn, meal, New York sugar and the peso and a short position in lean hogs, while warning he can exit positions on a day's notice.
- •Brandt bought Bitcoin on Aug. 20 after an inverse head-and-shoulders pattern completed, and a day later pointed to recurring 'price walls' that reminded him of Bitcoin's 2021 bottom.
- •A decisive break above the $82,000 resistance zone would hand the advantage to bulls, whereas another rejection could leave Bitcoin vulnerable.
Bitcoin has once again failed to break decisively above the $82,000 resistance zone, retreating after briefly approaching the level as traders assess whether the recent recovery can extend further.
Despite the bulls' inability to overcome the stubborn resistance, veteran trader Peter Brandt has disclosed that he remains long on the bellwether cryptocurrency.
In a recent social media post, Brandt said he was "also long Bitcoin" while revealing a broader portfolio that includes long positions in KC Wheat, soybeans, corn, meal, New York sugar and the peso, alongside a short position in lean hogs. Brandt added that he currently holds an unusually large position in grain markets. That said, the trader warned followers that he can exit positions on a day's notice.
A major resistance level
Bitcoin is trading at around $79,820 at press time, up 1.3% over the past 24 hours. The cryptocurrency traded as high as $81,282 during the session before paring some of its gains. The area between $80,000 and $82,000 has proven to be a major resistance zone that has been extremely challenging for the bulls to crack.
Bitcoin climbed above $80,000 earlier this week for the first time since May, a rally bolstered by growing concerns about fiscal policy. The cryptocurrency has gained roughly 28% in August, according to CoinGecko data. That backdrop has kept the level in focus for market participants, since repeated tests of the same band can help shape near-term trading attention without changing the underlying mix of signals traders are watching.
On Aug. 20, Brandt said he had bought $BTC following the completion of an inverse head-and-shoulders pattern. He claimed that the pattern had changed the technical setup despite an earlier expectation of downside. A day later, he pointed to the recurrence of what he calls "price walls," adding that the setup reminded him of Bitcoin's 2021 bottom. The trader had previously warned of further weakness after identifying an inverted head-and-shoulders formation.
If the bulls manage to surge above the $82,000 resistance zone, they could finally have the ball in their court. However, another rejection could leave $BTC very vulnerable.
