Bitcoin has once again failed to break decisively above the $82,000 resistance zone.
The cryptocurrency retreated after briefly approaching the level as traders assess whether its recent recovery can extend further.
Despite the bulls' inability to overcome stubborn resistance, veteran trader Peter Brandt has disclosed that he remains long on the bellwether cryptocurrency.
In a recent social media post, Brandt said that 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 has an unusually large position in grain markets.
That said, Brandt 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 has traded as high as $81,282 during the session, but it has since pared some of its gains.
The area around $80,000-$82,000 has proven to be a major resistance zone that it is extremely challenging for the bulls to crack.
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Bitcoin climbed above $80,000 earlier this week for the first time since May. The rally has been bolstered by growing concerns about fiscal policy. Bitcoin has gained roughly 28% in August, CoinGecko data shows.
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, the bulls could finally end up having the ball in their court. However, another rejection could make $BTC very vulnerable.