Bloomberg: BTC facing resistance near $80K

Bitcoin is repeatedly facing resistance around the $80,000 level, Bloomberg reported. The media outlet noted that Bitcoin's rise is being limited by a concentration of call option positions on Deribit, where market makers are selling into rallies in a "long gamma" environment. Approximately $1.5 billion in notional call options are clustered at this price level with May and June expirations. Bloomberg added that the resistance is further strengthened by a combination of weakening futures positions, slowing spot demand, and profit-taking.