Bitcoin BTC$103,479.29 Bulls face a $ 120 million resistance challenge when they appear to expand the classic “staircase” utilization or periodically controlled movement higher, order book data show.
Since April 9, Bitcoin has risen about 38%and moved on from about $ 75,000 to $ 104,000 as merchant stresses relieved and major market participants deployed capital.
This rally can be described as a classic staircase pattern: Initial Bullish impulses are followed by consolidation periods that set the stage for the next upward move.
For example, the original increase from $ 75,000 encountered a range trading between $ 83,000 and $ 85,000. The subsequent step higher for consolidation between $ 92,000 and $ 96,000.
Similarly since May 10, prices have fluctuated mainly between $ 101,000 and $ 105,000, marking consolidation after the step to six figure territory.
From here, it takes to promote to the next phase of winnings that bulls chew through a significant number of sales orders to about $ 105,000, which constitutes a significant resistance barrier.
Sell orders worth nearly $ 50 million was open to $ 104,800 across major exchanges in addition to $ 70 million in sales pressure to $ 105,000, according to data source kiyotaka.ai.
The Analytics Platform tracks the order book heat card by drawing order book data from Spot Trading on Binance, Bitstamp, ByBT, Coinbase and OKX and Perpetual Futures Trading on Binance, Bybit and OKX.
An open order placed above the current market price is usually a sales order. These can be called Limit Sell Orders by setting the minimal price that sellers are willing to accept. When the spot price when this level, the order can be performed so that the seller can sell at or above this level.
The diagram shows that the global aggregated order book is relatively stacked to higher price levels, which suggests potential profits as prices approach.
Macro indicators and technical momentum indicators suggest that the least resistance is on the higher side, which means that Bulls will sooner or later absorb the sales pressure and lift valuations for registration of heights.
In other words, these seller walls will not be there forever.
