Bitcoin BTC$103 307.89 The bulls face a resistance challenge of $ 120 million while they seek to extend the classic trend of the “upward trend” or a periodic controlled movement above, data from the command book shows.
Since April 9, Bitcoin has climbed approximately 38%, from $ 75,000 to $ 104,000 as trade tensions have relaxed and the main market players have deployed capital.
This rally can be described as a classic staircase model: the first upward impulses are followed by periods of consolidation, which have prepared the ground for the next movement up.
For example, the initial increase compared to $ 75,000 has encountered exchanges related to the range between $ 83,000 and $ 85,000. The next step faced a consolidation between $ 92,000 and $ 96,000.
Similarly, since May 10, prices have raised mainly between $ 101,000 and $ 105,000, marking consolidation after the stage in six -digit territory.
From there, going to the next phase of the earnings will force the bulls to chew a large number of sales orders at around $ 105,000, placing a significant resistance barrier.
Sales orders worth almost $ 50 million was open at $ 104,800 in the main exchanges in addition to the $ 70 million in sales pressure at $ 105,000, according to the Kiyotaka.ai data source.
The analysis platform follows the heat card heat card by drawing the data from the command book from trading spot on binance, bitstamp, bybt, cornerbase and OKX and perpetual trading on binance, bybit and OKX.
An open order placed above the current market price is generally a sales order. These can be called sales limits, setting the minimum price that sellers are ready to accept. When the cash price reaches this level, the order can be executed, allowing the seller to sell at this level or above this level.
The graph shows that the Global Associate Orders Book is relatively stacked at higher price levels, referring to potential profits as prices tackle life peaks.
The macro indicators and the indicators of Technical Momentum suggest that the path of the slightest resistance is on the upper side, which means that sooner or later the bulls will absorb the sale pressure, lifting the evaluations to record vertices.
In other words, these walls sell will not be there forever.
