Bitcoin (BTC) Price Surge Faces $120M Hurdle to Sustain ‘Stair-Step’ Upswing

Bitcoin BTC$103,307.89 bulls are confronting a resistance level of $120 million as they strive to maintain the traditional “stair-step” uptrend, as indicated by order book data.

Since April 9, Bitcoin has surged by approximately 38%, rising from about $75,000 to $104,000 as trade tensions have decreased and key market players have started investing.

This rally exemplifies a classic stair-step formation: initial bullish movements are succeeded by consolidation phases that prepare for the next upward trend.

For instance, the initial rise from $75,000 experienced range-bound trading between $83,000 and $85,000, while the following climb saw consolidation within the $92,000 to $96,000 range.

In a similar vein, since May 10, prices have predominantly fluctuated between $101,000 and $105,000, illustrating consolidation after breaching the six-figure mark.

To move into the next gain phase, bulls will need to navigate through a significant volume of sell orders around $105,000, which represents a considerable resistance level.

Data indicates nearly $50 million in open sell orders at $104,800 across various exchanges, combined with an additional $70 million in selling pressure at $105,000.

The analytics platform gathers order book heat maps by aggregating data from spot trading on major exchanges and perpetual futures trading.

Typically, an open order positioned above the current market value functions as a sell order, often referred to as limit sell orders, indicating the lowest price sellers are prepared to accept. When prices reach this benchmark, the order is likely to be fulfilled, enabling the seller to transact at or above this threshold.

The chart indicates a sizable concentration of sell orders at elevated price points in the global aggregated order book, suggesting potential profit-taking as prices approach historical highs.

Analysis of macroeconomic indicators and technical momentum suggests that the path of least resistance leans upward; thus, it is likely that eventually, bulls will manage the selling pressures, pushing values to new peaks.

In essence, these sell walls are not permanent fixtures.