$USDC

Bitcoin Faces Significant Resistance Amid Uptrend

According to BlockBeats, Coindesk analyst Omkar Godbole highlighted that the Bitcoin order book reveals a significant resistance challenge of $120 million while bulls attempt to continue the classic uptrend 'step by step'. Since April 9, the price of Bitcoin has risen from around $75,000 to $104,000, representing a 38% increase, with easing trade tensions and major market players beginning to deploy funds.

To push the price of Bitcoin to the next uptrend phase, bulls need to overcome significant selling pressure, especially around the $105,000 mark, which constitutes a critical resistance area. Data from Kiyotaka.ai indicates that there are about $50 million in sell orders currently placed at $104,800 across several major trading platforms, with selling pressure at $105,000 reaching $70 million.

Charts show that aggregated order books are heavily stacked at higher price ranges, indicating potential profit-taking as prices approach historical high levels. Both macro indicators and technical momentum indicators suggest that the current market's 'least resistance path' remains bullish, indicating that bulls will eventually absorb this selling pressure and push Bitcoin to new record levels.