COINOTAG news reported on May 16 that, according to Coindesk analyst Omkar Godbole, Bitcoin order book data shows that bullish positions face significant challenges under the resistance level around $120 million. This resistance level comes as traders attempt to maintain a classic 'step-up' trend, which is a steady increase. Since the market received positive news on April 9, the price of Bitcoin has soared from around $75,000 to $104,000, an increase of up to 38%.
For Bitcoin to initiate the next round of upward movement, bullish positions must effectively manage the enormous selling pressure, especially around $105,000, which is viewed as a key resistance level. Data from Kiyotaka.ai shows that several well-known exchanges have nearly $50 million in sell orders around $104,800, while selling pressure near $105,000 has risen to $70 million. Current charts indicate that orders have significantly increased within this high price range, which may lead to profit-taking behavior as Bitcoin approaches its historical highs. Both macroeconomic trends and technical momentum suggest that current market sentiment remains bullish, indicating that bullish positions are ready to absorb the upcoming sell orders and may push Bitcoin prices to new highs.
