Bloomberg reported that Bitcoin is repeatedly facing resistance near $80,000. The media stated, "Bitcoin's upside is being capped by call option positions concentrated at specific price points on Deribit. Market makers are suppressing the upward trend by selling whenever prices rise in a long gamma environment. Approximately $1.5 billion worth of notional call options are concentrated at that price level for May and June maturities." It further explained that "weakening futures positions, slowing spot demand, and profit-taking movements are combining to further strengthen resistance near $80,000."
