Odaily Planet Daily News CoinDesk co-executive editor Omkar Godbole wrote an analysis that Bitcoin faces "Cloud Resistance" in the $85,000 range, creating an unfavorable risk-reward scenario for bullish traders. Since Saturday, BTC has been challenging the lower limit of the Ichimoku, which is around $85,000. It is reported that the Ichimoku is a technical analysis indicator developed by a Japanese journalist in the 1960s that can provide a comprehensive insight into market momentum, support and resistance.
Bitcoin's near-term outlook may look constructive due to increased demand for bullish bets in the options market, but the cryptocurrency is close to key resistance levels that have limited upside in recent months, which means that the risk-reward situation is not very favorable for those who want to take advantage of the bullish outlook. Bitcoin currently faces strong resistance around $85,000, and support is significantly lower than $75,000. (CoinDesk)