Bitcoin Eyes Breakout Despite $120M Resistance Wall

By NoriFtm | Binance Square Write to Earn

Bitcoin’s bullish momentum faces a formidable hurdle as sell-side pressure intensifies near the $105,000 mark, according to recent market analysis. Since April 9, Bitcoin has surged from around $75,000 to over $104,000, posting a strong 38% gain amid improved macro sentiment and increased capital inflows from major players.

However, data from platforms like Kiyotaka.ai and insights from analysts such as Omkar Godbole point to a key resistance level forming just ahead. Sell orders totaling approximately $120 million have been identified across major exchanges, with $50 million stacked at $104,800 and another $70 million positioned at the psychological barrier of $105,000.

This clustering of large sell orders signals strong profit-taking activity as Bitcoin nears historical highs. Despite this, the overall market structure remains favorable for bulls. Technical indicators suggest continued upward momentum, and macro tailwinds are still in play. Analysts believe that if current buying strength persists, the market could absorb this resistance and push Bitcoin into its next leg higher.

Order book depth at elevated price levels confirms that while the path forward includes significant hurdles, the broader trend is still skewed to the upside.

As a contributor to Binance Square’s Write to Earn program, I’ll continue to monitor how Bitcoin navigates these pressure zones and what this means for both short-term traders and long-term holders. Stay tuned for more real-time insights and crypto market updates.

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