Bitcoin on the Edge!
$120 MILLION in sell wall challenges the rally
Will the bulls BREAK the barrier for a new ATH?
The bulls of #bitcoin face a significant resistance challenge of $120 million in the order book, while seeking to extend the controlled and stepped upward trend that has characterized their recent rise.
"Stair-Step" Rally: Since April 9, #BTC has experienced a 38% increase, rising from approximately $75,000 to $104,000. This surge is described as a "stair-step" pattern, with upward impulses followed by consolidation periods.
Key Resistance Wall: For the bulls to advance to the next phase of gains, they must overcome substantial selling pressure of approximately $120 million around $105,000. This includes $70 million in sell orders at $105,000 and nearly $50 million at $104,800 on major exchanges.
Long-Term Optimistic Outlook: Despite this immediate barrier, macroeconomic and technical indicators suggest that the path of least resistance is upward. Analysts anticipate that, sooner or later, the bulls will absorb this selling pressure, driving valuations to new all-time highs.
