Bitcoin has pulled back again after approaching $82,000, with the market still under selling pressure from above. Veteran trader Peter Brandt recently stated that he is still holding a long position in Bitcoin, but emphasized that he could exit the position within a single day.
Resistance remains near $82,000
As of press time, Bitcoin is trading at approximately $79,820, up 1.3% over the past 24 hours. It reached a high of $81,282 during the session but subsequently retraced some of those gains.
The $80,000 to $82,000 range has recently continued to act as a significant resistance level. Bitcoin briefly reclaimed above $80,000 earlier this week, the first time since May. According to CoinGecko data, Bitcoin’s cumulative gain for August is approximately 28%.
Brandt maintains a bullish outlook.
Brandt said on August 20 to buy Bitcoin after a head-and-shoulders bottom pattern completed. He stated that this pattern changed the previous bearish technical structure assessment.
A day later, he again mentioned that the price had repeatedly encountered what he called a "price wall," and said the current movement reminded him of Bitcoin’s bottoming phase in 2021. Nevertheless, he chose to maintain his long position.
Whether it can break through remains the short-term focus.
The market’s current focus remains on whether Bitcoin can effectively break through the resistance near $82,000. If the price holds above this level, upward momentum could strengthen further; if it faces resistance and declines again, short-term volatility pressure may increase once more.
Brandt's latest remarks indicate that some traders are still betting on Bitcoin's rally continuing, but market sentiment remains cautious ahead of key resistance levels.