Bitcoin BTC$103,479.29 The bulls face a resistance challenge of $ 120 million while seeking to extend the classic bullish trend of “staircase”, or higher controlled periodic movement, as shown in the data of the orders books.
Since April 9, Bitcoin has risen around 38%, advancing around $ 75,000 to $ 104,000 as commercial tensions decreased and the main market participants deployed capital.
This rally can be described as a classic staircase pattern: the initial bullish impulses are followed by consolidation periods, which prepare the stage for the next movement up.
For example, the initial increase of $ 75,000 is in the range of operations between $ 83,000 and $ 85,000. The highest posterior step consolidation between $ 92,000 and $ 96,000.
Similarly, since May 10, prices have ranged mainly between $ 101,000 and $ 105,000, marking consolidation after passing in the six -digit territory.
From here, progress to the next phase of profits will require bulls to chew a substantial number of sales orders of around $ 105,000, which represents a significant resistance barrier.
Sales orders worth $ 50 million were open to $ 104,800 in the main exchanges, in addition to the $ 70 million in sales pressure of $ 105,000, according to the Kiyotaka.AI data source.
The Analytics platform tracks the heat map from the orders book by extracting data from the spot trade book in Binance, Bitstamp, Bybt, Coinbase and OKX and the trade of perpetual future in Binance, Bybit and OKX.
An open order that is carried out above the current market price is usually a sales order. These can be called limit sales orders, establishing the minimum price that sellers are willing to accept. When the spot price reaches this level, the order can be executed, which allows the seller to sell in or above that level.
The picture shows that the Global Added Book is relatively stacked to higher prices levels, insinuating the possible profits as prices approach the lifelong maximums.
Macro indicators and technical impulse indicators suggest that the lower resistance path is on the upper side, which means that lateral or subsequent bulls will absorb the sales pressure, raising the valuations to record maximums.
In other words, these sales walls will not be there forever.
