Brandt Sticks with Bitcoin Amid Resistance
Peter Brandt, a veteran trader, has revealed that he remains long on Bitcoin despite its recent failure to break decisively above the $82,000 resistance zone. In a social media post, Brandt mentioned that he is also long on other assets such as KC Wheat, soybeans, corn, meal, New York sugar, and the peso, while having a short position in lean hogs.
Brandt's portfolio includes an unusually large position in grain markets, but he warned followers that he can exit positions on a day's notice. The trader had previously identified an inverted head-and-shoulders formation, which he claimed changed the technical setup despite earlier expectations of downside.
Bitcoin has been struggling to overcome resistance at $82,000, with prices hovering around $79,820 at press time. However, if the bulls manage to surge above this level, they could finally have the upper hand. Nevertheless, another rejection could make BTC very vulnerable.