Peter Brandt says he's long Bitcoin as $82K resistance holds

Bitcoin once again failed to decisively clear the $82,000 resistance zone this week, retreating after briefly brushing the level, but veteran trader Peter Brandt says he remains long on the cryptocurrency, U.Today reported.

In a recent social media post, Brandt said he was also long Bitcoin while laying out 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. He noted he currently holds an unusually large position in grain markets, and warned followers he can exit any of these positions on a day's notice, a reminder that the disclosure describes a snapshot, not a standing commitment.

• Bitcoin price at press time: ~$79,820, +1.3% over 24 hours
• Intraday high this session: $81,282
• Bitcoin's August gain so far: roughly 28%, per CoinGecko
• Resistance zone bulls have failed to clear: $80,000-$82,000

Brandt's bullish stance follows a shift in his own reading of the chart. On August 20, he said he had bought BTC after an inverse head-and-shoulders pattern completed, reversing an earlier call that had warned of further downside. A day later, he pointed to the recurrence of what he calls "price walls," saying the setup reminded him of Bitcoin's 2021 bottom. Bitcoin climbed back above $80,000 earlier this week for the first time since May, a rally traders have tied partly to growing concerns about fiscal policy, and it's now up roughly 28% for August.

The $80,000-$82,000 band has proven hard to clear for reasons that go beyond one trader's chart reading. Intokened has covered the on-chain side of that resistance in detail, including the $81K-$86K supply wall Glassnode flagged, and the technical side in a cluster of moving averages sitting in the same zone. Brandt's position adds a trader's read to a level multiple independent signals already point at.

If bulls manage to push through $82,000, they'd finally have room to run. Another rejection at the same level would leave Bitcoin looking vulnerable again, and Brandt's own history of flipping calls within days is a reminder that even traders who've called this cycle right aren't treating the level as settled. His commodity book tells a similar story: an unusually large grain position alongside a livestock short reads less like conviction on any single market and more like a trader positioning across several at once, ready to unwind whichever one moves against him first.

Nothing here should be taken as financial advice — just information to consider.