Bitcoin (BTC) is currently facing a significant resistance level at approximately $105,000, presenting a challenge for bulls aiming to extend the ongoing “stair-step” uptrend. This pattern, characterized by periodic upward movements followed by consolidation phases, has been evident since April 9th. Bitcoin’s price has risen considerably, from roughly $75,000 to over $104,000, fueled by easing trade tensions and increased capital deployment by major market players.
This stair-step rally has exhibited distinct phases. The initial surge from $75,000 was followed by consolidation between $83,000 and $85,000. A subsequent upward move then consolidated between $92,000 and $96,000. Currently, prices are oscillating between $101,000 and $105,000, representing consolidation after the recent breakthrough into six-figure territory.
Overcoming the current resistance requires bulls to absorb substantial sell orders concentrated around $105,000. Data from Kiyotaka.ai, an analytics platform aggregating order book data from major exchanges (Binance, Bitstamp, Bybt, Coinbase, OKX for spot; Binance, Bybit, OKX for perpetual futures), reveals nearly $50 million in open sell orders at $104,800 and an additional $70 million at $105,000. These limit sell orders represent the minimum price sellers are willing to accept.
The aggregated order book data indicates a significant concentration of sell orders at higher price levels, suggesting potential profit-taking as prices approach all-time highs. However, macroeconomic indicators and technical momentum indicators point towards a bullish bias, implying that the selling pressure will eventually be absorbed. This suggests that the current resistance, while substantial, is not insurmountable. The prevailing expectation is that bullish momentum will ultimately prevail, leading to a further price increase and the potential breaking of previous all-time highs. The sell walls, therefore, are not expected to remain indefinitely.
