Bitcoin enthusiasts are eyeing a challenging hurdle of approximately $120 million in resistance as they attempt to maintain their recent uptrend. Since April 9, Bitcoin has surged by an impressive 38%, breaking through the $100,000 barrier, thanks to easing trade tensions and strategic capital deployment by major market players. This rally, a textbook example of the “stair-step” pattern, has been characterized by alternating phases of gains and consolidations.
The Current Resistance Landscape
The journey hasn’t been without its bumps. After Bitcoin climbed from $75,000 to $104,000, it encountered several consolidation zones. Initial price boosts led to range-bound trading between $83,000 and $85,000, and later between $92,000 and $96,000. Since May 10, Bitcoin has hovered mainly between $101,000 and $105,000, marking a significant consolidation after breaching the psychologically important six-figure mark. This mirrors earlier movements when Bitcoin surged past $94,000 amid growing institutional interest and market optimism.
Here’s the catch: to continue its upward momentum, Bitcoin must overcome significant sell orders clustered around $105,000. According to Kiyotaka.ai, there are nearly $50 million in open sell orders at $104,800 across major exchanges, compounded by an additional $70 million at $105,000. These orders are spread across platforms such as Binance, Bitstamp, and Coinbase, among others.
Market Dynamics and Technical Indicators
In the cryptocurrency market, sell orders placed above the current market price are often limit sell orders, setting a minimum price at which sellers are willing to part with their Bitcoin. As prices approach these levels, the potential for profit-taking escalates. However, macroeconomic indicators and technical momentum suggest that the path of least resistance remains upwards. This implies that, eventually, the bulls could absorb the selling pressure, propelling Bitcoin to new heights. As previously noted in our analysis of Bitcoin jumping above $97K, trader optimism surrounding potential U.S.-China trade deals has also been a contributing factor to recent price movements.
“The current setup in the Bitcoin market is quite interesting,” notes crypto analyst Jenna Wang. “While the sell walls present a formidable challenge, the underlying bullish momentum seems robust enough to eventually clear these hurdles. It’s a classic case of market psychology—where traders need to weigh the risks of holding versus the temptation to lock in profits.”
Historical Context and Future Implications
This isn’t the first time Bitcoin has faced formidable resistance on its path to new records. Historically, these resistance levels have often been temporary, as market fundamentals and investor sentiment eventually triumph. Yet, the present scenario raises questions about the market’s ability to sustain such rapid gains amid potential global economic uncertainties.
Looking ahead, the crypto community is keenly watching how these dynamics will unfold. Will Bitcoin’s bulls muster enough strength to push past the $105,000 resistance, or will the market need to consolidate further before the next leg up? The coming weeks promise to be pivotal, with potential volatility as traders and investors navigate these turbulent waters.
While the current outlook seems promising, skepticism remains. The looming question is whether Bitcoin can maintain its momentum amidst these substantial sell orders. If the bulls succeed, it could set the stage for another historic rally, further solidifying Bitcoin’s role as a leading digital asset. However, if resistance holds, it might signal the need for a strategic pause, allowing the market to catch its breath before the next upward leap.
Source
This article is based on: Bitcoin Bulls Face $120M Challenge in Extending ‘Stair-Step’ Uptrend
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
