Bitcoin traded near $79,771 on Friday, reflecting a 1.2% daily gain after hitting an intraday high of $81,280. This latest attempt to breach the $82,000 mark follows a period of consolidation, keeping the market locked between immediate support near $78,000 and the overhead resistance. Brandt, who disclosed his long position via social media, entered the trade after an inverse head-and-shoulders pattern completed on August 20. He noted that his current strategy is part of a broader portfolio that includes commodities like wheat, soybeans, and sugar.
While Brandt’s entry signals confidence in the technical setup, he warned that his market exposure is subject to change within a single trading day. His current stance marks a shift from his previous bearish outlook, which he abandoned once the price action invalidated his earlier projections. The August rally, which has seen Bitcoin gain roughly 28% after rebounding from July lows, has been bolstered by significant institutional interest. U.S. spot Bitcoin ETFs recorded $1.92 billion in inflows over five sessions, while cooling bond yields and shifts in Treasury operations provided additional macro support.
Market participants are now focused on whether Bitcoin can secure a daily close above the $82,000 level. Technical analysts generally require sustained trading above this range to confirm a breakout, as intraday spikes often lack the momentum to establish new support. Should the price fail to hold current levels, eyes will return to the $78,828 session low, testing the strength of the August recovery.
Comments (0)
No comments yet. Be the first!