Bloomberg diagnosed that Bitcoin is repeatedly facing resistance near $80,000. The media explained, "Bitcoin's rise is being limited due to concentrated call option positions at specific price levels on Deribit. Market makers are suppressing the upward trend by selling whenever the price rises in a long gamma environment. Approximately $1.5 billion worth of notional call options are concentrated at that price level for May and June expirations," adding, "The resistance near $80,000 is further strengthened by a combination of weakening futures positions, slowing spot demand, and profit-taking movements."
