Bitcoin Faces Significant Resistance Amid Upward Trend

According to BlockBeats, Coindesk analyst Omkar Godbole has highlighted that Bitcoin's order book reveals a significant resistance challenge of $120 million as bulls attempt to continue the classic 'stair-step' upward trend. Since April 9, Bitcoin's price has risen from approximately $75,000 to $104,000, marking a 38% increase, as trade tensions eased and major market players began deploying funds. To advance Bitcoin's price into the next upward phase, bulls need to overcome substantial sell pressure, particularly around the $105,000 mark, which forms a critical resistance zone. Data from Kiyotaka.ai indicates that nearly $50 million in sell orders are currently placed at $104,800 across several major trading platforms, with sell pressure at $105,000 reaching $70 million. Charts show that aggregated order books are heavily stacked at higher price ranges, suggesting potential profit-taking as prices approach historical highs. Both macro indicators and technical momentum indicators suggest that the current market's 'path of least resistance' remains upward, indicating that bulls will eventually absorb this selling pressure and drive Bitcoin to new highs.