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Bitcoin Faces $105,000 Resistance, 38% Gain Since April

Coin WorldFriday, May 16, 2025 5:31 am ET

1min read

Bitcoin is currently facing a significant resistance level at $120 million, according to Coindesk analyst Omkar Godbole. This resistance is a critical hurdle for long positions as traders attempt to maintain a steady uptrend. Since April 9th, Bitcoin's price has surged from approximately $75,000 to $104,000, marking a 38% increase. This upward momentum has been driven by favorable market conditions and a classic "stair-step" uptrend.

To continue its upward trajectory, Bitcoin must overcome substantial sell pressure, particularly around the $105,000 mark. Data from Kiyotaka.ai reveals nearly $50 million in sell orders around $104,800 across several exchanges, with sell pressures escalating to $70 million at $105,000. This accumulation of orders in the high price range could lead to profit-taking behavior as Bitcoin approaches its prior all-time high. Despite this, both macroeconomic trends and technical momentum suggest that the prevailing market sentiment remains upward, indicating that long positions are poised to absorb impending sell orders and potentially propel Bitcoin to new price peaks.

According to the analyst's forecast, for Bitcoin to initiate its next upward trajectory, long positions must effectively manage substantial sell pressure, particularly around the $105,000 mark, which is identified as a crucial resistance level. The current charts indicate a notable accumulation of orders within this high price range, which could lead to profit-taking behavior as Bitcoin approaches its prior all-time high. Both macroeconomic trends and technical momentum suggest that the prevailing market sentiment remains upward, indicating that long positions are poised to absorb impending sell orders and potentially propel Bitcoin to new price peaks.

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