Bitcoin retreats after failing to decisively clear $82,000 resistance

Bitcoin is trading around $79,820, up 1.3% over 24 hours, after reaching $81,282 and retreating from the $80,000-$82,000 resistance zone. Veteran trader Peter Brandt said he is "also long Bitcoin" and holds long positions in KC Wheat, soybeans, corn, meal, New York sugar and the peso, plus a short position in lean hogs. He said his grain-market exposure is unusually large but warned that he can exit positions on a day’s notice. Bitcoin moved above $80,000 earlier this week for the first time since May and has gained roughly 28% in August, according to CoinGecko data, amid growing concerns about fiscal policy. Brandt said on Aug. 20 that he bought BTC after an inverse head-and-shoulders pattern (a chart setup often viewed as bullish) was completed, reversing his earlier expectation of downside. He later cited recurring "price walls" and compared the setup with Bitcoin’s 2021 bottom. A move above $82,000 could strengthen the bullish case, while another rejection may leave BTC vulnerable.

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