Bitcoin has been oscillating above $80,000, with the market still lacking a clear direction in the $80,000 to $82,000 range. On August 28, seasoned trader Peter Brandt stated that he still holds a long position in Bitcoin but cautioned that his position could change within a single trading day.
The price remains stuck below $82,000.
As of press time, Bitcoin was trading at approximately $79,771, having reached a intraday high of $81,280 before pulling back. Over the previous several trading days, the price had approached $82,000 multiple times but failed to establish a clear breakout.
On August 25, Bitcoin rose above $80,000 for the first time since mid-May. Although it briefly surged to approximately $81,238, the upward momentum did not continue, and the price remains confined below the upper range in the short term.
From the current price action, short-term support has formed around $78,000 to $79,000, while resistance remains concentrated in the $80,000 to $82,000 range. The market’s next key focus is not on brief intraday breakouts, but on whether price can sustainably hold above this zone on a daily chart basis.
Brandt said he still holds a long position in Bitcoin.
Brandt disclosed part of his current trading positions on X, including a long position in Bitcoin. He also holds long positions in wheat, soybeans, corn, soybean meal, sugar, and the Mexican peso, and a short position in lean hogs.
However, he did not disclose the entry price, position size, whether leverage was used, or a clear exit level. He also specifically noted that these positions may be adjusted within a day, making this statement more akin to an immediate position disclosure rather than a medium- to long-term price outlook.
Brandt's current Bitcoin long position stems from a technical breakout on August 20. At that time, he stated that he bought Bitcoin after the inverse head-and-shoulders pattern completed and the price broke above the neckline. Previously, he had believed there was a roughly 60% chance of Bitcoin declining again, but he revised his assessment after the pattern completed.
The August rebound was supported by ETF funding.
Bitcoin has risen approximately 28% for the month of August, showing a significant rebound from its low of around $57,717 on July 1. This means that, if the month-end gains are maintained, August could become one of Bitcoin’s strongest performing months since November 2024.
One of the factors driving this rally is the continued inflow of funds into U.S. spot Bitcoin ETFs. Over the five trading days ending August 21, the related products saw a net inflow of approximately $1.92 billion, with BlackRock’s IBIT accounting for a significant portion.
Beyond liquidity conditions, changes in the U.S. Treasury market have also supported risk assets. The U.S. Treasury announced an expansion of buyback operations for certain existing long-term Treasuries, leading to a weaker dollar and lower long-term yields—factors that collectively improved market risk appetite.
The short-term direction remains to be confirmed.
Next, the most direct market observation remains whether Bitcoin can effectively hold above the $80,000 to $82,000 range. If it closes and sustains trading above this level, the current breakout structure will be further strengthened.
If the price continues to fail to hold the upper boundary, market attention may shift back to the intraday low near $78,828 and the earlier breakout zone. Since Brandt has not publicly disclosed stop-loss levels or risk parameters, external parties cannot confirm the invalidation level of his trade.
Based on the current information, Brandt’s statement only indicates that he remained long at the time of disclosure. Whether Bitcoin can sustain its rebound ultimately depends on its actual price behavior around $82,000 and whether capital inflows continue to follow.