COINOTAG News reported on May 16th that, according to Coindesk analyst Omkar Godbole, Bitcoin’s order book data is revealing significant challenges for long positions amid resistance near $120 million. This resistance emerges as traders aim to sustain a classic “stair-step” uptrend, marked by a steady ascent. Since the onset of favorable market conditions on April 9th, Bitcoin’s price surged from approximately $75,000 to $104,000, translating to an impressive 38% increase.
For Bitcoin to initiate its next upward trajectory, long positions must effectively manage substantial sell pressure, particularly around the $105,000 mark, which is identified as a crucial resistance level. Data from Kiyotaka.ai highlights the existence of nearly $50 million in sell orders around $104,800 across several prominent exchanges, with sell pressures escalating to $70 million at $105,000. Current charts indicate a notable accumulation of orders within this high price range, which could lead to profit-taking behavior as Bitcoin approaches its prior all-time high. Both macroeconomic trends and technical momentum suggest that the prevailing market sentiment remains upward, indicating that long positions are poised to absorb impending sell orders and potentially propel Bitcoin to new price peaks.