TLDR
- Bitcoin failed to break above the $82,000 resistance zone and traded near $79,820 after reaching $81,282.
- Veteran trader Peter Brandt confirmed that he remains long Bitcoin despite the latest rejection from resistance.
- Bitcoin has gained roughly 28% in August, supported by renewed buying interest and concerns around fiscal policy.
- Brandt entered his Bitcoin position after an inverse head-and-shoulders pattern changed his earlier bearish technical view.
- Traders are watching the $80,000-$82,000 range closely, as another rejection could return pressure to nearby support levels.
Bitcoin faced another rejection near the $82,000 resistance area as traders watched whether the latest recovery could extend. The asset briefly moved above $81,000 before giving back part of the advance. Veteran trader Peter Brandt said he remains long Bitcoin price despite the pullback.
At press time, Bitcoin traded near $79,820, up about 1.3% over 24 hours. The cryptocurrency reached an intraday high near $81,282 before moving lower as sellers returned around the resistance range.
Bitcoin, Peter Brandt Remain in Focus
Peter Brandt disclosed his Bitcoin position in a social media post while sharing other market positions. His portfolio also included long exposure to KC Wheat, soybeans, corn, meal, New York sugar and the peso.
Cannot remember when I have had such a heavy position as present with the grain markets.
I am long KC Wheat, Soybeans, Corn, Meal – my goal will be to get to a composite break-even stop level
Also am long Bitcoin, long NY Sugar, long Peso, short Lean Hogs
Notice to trolls – I…— The Factor Report (@PeterLBrandt) August 28, 2026
Brandt also held a short position in lean hogs. He said his grain exposure was unusually large, but he warned that he could close any position within a day if market conditions changed.
The $80,000 to $82,000 area has continued to limit Bitcoin’s advance. Buyers pushed the cryptocurrency above $80,000 earlier this week for the first time since May, but they have not secured a clear breakout.
Bitcoin has gained about 28% in August, according to CoinGecko data cited in the report. Traders have also watched fiscal policy concerns as one factor supporting demand during the move higher.
Brandt Shifted His Bitcoin View
On August 20, Brandt said he bought Bitcoin after an inverse head-and-shoulders pattern completed. He said the setup changed his earlier market view, which had expected further downside pressure.
One day later, Brandt pointed to recurring price walls in the market. He compared the structure with conditions seen near Bitcoin’s 2021 bottom while continuing to monitor the recovery.
A sustained move above $82,000 would place Bitcoin beyond the resistance zone that has limited recent gains. Such a move would confirm stronger buying pressure after repeated failed attempts.
Another rejection could keep Bitcoin under pressure and return attention to nearby support levels. Traders are watching whether buyers can hold above $80,000 and challenge the upper end of the range again.
