Bitcoin Retreats After Testing $81,282 as Brandt Keeps Long Position

Bitcoin's August rally lost steam near the $82,000 level on Friday, with the cryptocurrency pulling back after touching an intraday high of $81,282. The digital asset traded at approximately $79,820, up 1.3% over the previous 24 hours, but the failure to hold above $80,000 underscored the stubborn resistance that has capped gains throughout the month.

The retreat came as veteran trader Peter Brandt disclosed on social media that he remains long Bitcoin, a position he established on August 20 after identifying a completed inverse head-and-shoulders pattern on the price chart. The bullish formation reversed his earlier expectation of further downside, though he cautioned that the technical picture remains fluid.

"While I possess a long position in Bitcoin, I have the flexibility to exit it within a day," Brandt wrote in an X post. The trader's broader portfolio includes long positions in KC wheat, soybeans, corn, soybean meal, New York sugar, and the Mexican peso, alongside a short position in lean hogs. He noted that his grain market exposure is larger than usual.

Bitcoin's inability to decisively clear $82,000 has become a defining feature of its August recovery. The cryptocurrency has gained approximately 28% this month after rebounding from July's low near $57,717, according to data from CoinGecko. Earlier in the week, it crossed $80,000 for the first time since May, with the move partly attributed to growing fiscal policy concerns and investor reassessment of government borrowing risks.