Analyst: Bitcoin Faces Resistance Around $105,000, Bulls May Propel Bitcoin to Break Historical High
Coindesk analyst Omkar Godbole states that Bitcoin order book data shows that bulls are facing a resistance challenge worth $120 million as they attempt to continue the classic "stair-step" upward trend (i.e., cyclical controlled rise). Since April 9, as trade tensions eased and major market participants began deploying funds, Bitcoin's price has risen from approximately $75,000 to $104,000, an increase of about 38%.
To further push Bitcoin's price into the next upward phase, bulls need to absorb a large amount of sell pressure, particularly around $105,000, which constitutes a significant resistance area. According to data platform Kiyotaka.ai, nearly $50 million in sell orders are currently placed at $104,800 across multiple major trading platforms, while the sell pressure at $105,000 is as high as $70 million.
Charts show that the aggregated order book is heavily stacked in the higher price range, suggesting that profit-taking may occur as prices approach historical highs. Macro indicators and technical momentum indicators both suggest that the current market's "path of least resistance" remains upward, indicating that bulls will eventually absorb this selling pressure and push Bitcoin to new highs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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