Bitcoin tested the $82,000 resistance level on Aug. 28 as veteran chart analyst Peter Brandt confirmed he remains long on the cryptocurrency, citing a structural breakout that has pushed BTC to its best weekly performance in over three years.
Key Takeaways
Bitcoin tested $82,000 resistance after gaining nearly 25% in one week
Peter Brandt confirmed he remains long, citing a valid breakout structure
The $81,000-$86,000 zone represents the key technical hurdle before January highs
ETF inflows and Treasury buyback anticipation continue supporting the move
Bitcoin Tests $82K as Brandt Stays Long
Bitcoin traded near $82,000 during Asian hours on Aug. 28, extending a rally that has added roughly 25% in one week and delivered the cryptocurrency's strongest weekly performance in over three years. The move brought Bitcoin to the lower edge of the $81,000-$86,000 resistance zone that analysts have identified as the key technical hurdle before a return to January highs. Peter Brandt, a veteran commodities trader with decades of chart analysis experience, confirmed in a social media post that he remains long on Bitcoin, citing the breakout structure as valid.
The test of $82,000 comes after Bitcoin consolidated above $79,000 for several sessions, supported by eight consecutive days of U.S. spot ETF inflows that brought August net purchases above $3 billion. The price action suggests that the initial Treasury-driven rally is transitioning into a demand-driven phase, with spot buying replacing short covering as the primary fuel. This market analysis builds on the Bitcoin 22% rally analysis we published earlier.
Technical Structure Favors Further Upside
Brandt's long position is supported by several technical indicators. Bitcoin futures open interest has declined during the rally, indicating that the move has not been driven by excessive leverage. Funding rates remain contained, suggesting that the market is not overheated. The decline in BTC-denominated open interest to its lowest level in nearly five months indicates that forced short covering played an important role, but also means that leveraged long positioning is not at dangerous levels.
The $82,000 level represents the immediate resistance, with the broader $81,000-$86,000 zone containing significant supply from traders who bought near January's highs. Breaking through this zone would require sustained buying pressure from ETF inflows and spot demand. This technical analysis connects to the key hurdle analysis and the ETF inflow streak report from earlier today.
Looking Ahead: Jackson Hole and Sept. 9 Catalysts
Market participants are watching two key upcoming events: Federal Reserve Chair Kevin Warsh's Jackson Hole keynote on Friday, which could provide guidance on monetary policy direction, and the Sept. 9 start of expanded Treasury buyback operations. Both events could influence the macro conditions that have supported Bitcoin's rally. If Warsh signals a dovish stance or the Treasury buybacks proceed as announced, the macro tailwinds could extend the rally toward Bitcoin's January highs. Conversely, a hawkish message or delay in buyback operations could trigger a pullback toward the $79,000 support level.
