Bitcoin Bulls Face $120M Challenge in Extending 'Stair-Step' Uptrend
Bitcoin Bulls Face $120M Challenge in Extending 'Stair-Step' Uptrend
BTC has chalked out a controlled stair-step price rally from $75,000 to $104,000.
- BTC's latest sideways trading marks consolidation following the step higher into six-figure territory earlier this month.
- Significant sell orders at $104,800 and $105,000 pose a challenge for the next leg higher.
Bitcoin enthusiasts are currently facing a daunting challenge as they strive to propel the cryptocurrency's impressive uptrend further. Bitcoin (BTC) has methodically surged in price, climbing from $75,000 to $104,000 through a series of incremental steps.
The recent period of sideways trading for BTC can be viewed as a consolidation phase following its ascent into the six-figure range earlier this month. However, the journey towards even higher price levels is encountering obstacles in the form of substantial sell orders at key levels like $104,800 and $105,000.
Since April 9, Bitcoin has shown remarkable growth of around 38%, attributed to reduced trade tensions and increased investment from prominent market players. The next phase of upward momentum will require bullish investors to navigate through significant sell orders totaling approximately $120 million at critical price points.
Kiyotaka.ai data reveals that there are nearly $50 million in sell orders at $104,800 and an additional $70 million at $105,000 across various major exchanges. Analyzing order book trends on platforms such as Binance, Bitstamp, Bybt, Coinbase, OKX for spot trading and Binance, Bybit, OKX for perpetual futures trading provides valuable insights into market dynamics.
Sell orders placed above the current market price act as resistances by setting minimum selling prices. As BTC approaches all-time highs with a stacked order book displaying potential profit-taking behavior, it becomes evident that overcoming these sell walls is crucial for Bitcoin bulls to set new records.
Although the current scenario indicates challenging resistance levels ahead due to substantial selling pressure faced by bulls in the market, broader macro indicators and technical analysis point towards an optimistic outlook. Eventually, bullish momentum is expected to overpower the existing selling pressure leading to record-breaking valuations.
In essence, while significant sell walls might pose hurdles for now, they are not insurmountable barriers and are likely to be surpassed as Bitcoin continues its upward trajectory.
In other words, these sell walls won't be there forever.
