Bitcoin Bulls Confront $120 Million Resistance to Extend Uptrend
Bitcoin (BTC) is facing a $120 million resistance challenge as it aims to continue its "stair-step" uptrend. Key points include:
- BTC has risen approximately 38% since April 9, from $75,000 to $104,000.
- The price movement follows a classic stair-step pattern characterized by bullish impulses followed by consolidation periods.
- Current consolidation is occurring primarily between $101,000 and $105,000.
- A significant resistance exists at around $105,000, with nearly $50 million in sell orders at $104,800 and $70 million at $105,000.
- Order book data from platforms like Binance and Coinbase indicates a stacked sell order scenario as prices near lifetime highs.
- Macro indicators and technical momentum suggest potential for BTC to overcome these sell walls and reach record prices.
