On May 16, Coindesk analyst Omkar Godbole stated that Bitcoin order book data shows bulls are facing resistance challenges worth $120 million while attempting to continue the classic "ladder-like" upward trend (periodic 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 drive Bitcoin's price into the next upward phase, bulls need to digest substantial sell orders, especially near $105,000, which constitutes a critical resistance area. According to data platform Kiyotaka.ai, at multiple mainstream trading platforms, sell orders of nearly $50 million are currently placed at $104,800, while sell pressure at $105,000 is as high as $70 million.
Chart data indicates that aggregated order books are heavily stacked at higher price ranges, suggesting potential profit-taking when prices approach historical peaks. Macro indicators and technical momentum indicators both suggest that the current market's "path of least resistance" remains upward, meaning bulls will eventually absorb these sell pressures and drive Bitcoin to new highs.
