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

Bitcoin is currently facing a significant resistance level near $10.5K, according to an analyst. Omkar Godbole, a Coindesk analyst, highlighted that the Bitcoin order book data indicates a substantial resistance challenge for longs attempting to sustain the classic "stair-step" uptrend. This trend involves a periodic controlled rise in the price of Bitcoin.

Since April 9th, the easing of trade tensions and the deployment of funds by major market participants have driven the Bitcoin price from around $75,000 to $104,000, marking a gain of approximately 38%. To propel the Bitcoin price into the next phase of the uptrend, longs must absorb a considerable amount of sell pressure, particularly around the $105,000 mark, which is identified as a key resistance area.

Data from the platform Kiyotaka.ai reveals that nearly $50 million in sell orders are currently placed at $104,800 across multiple major exchanges. The sell pressure intensifies to as high as $70 million at the $105,000 level. Charts suggest a notable accumulation in the higher price range on the order book, indicating that profit-taking may occur as the price approaches the previous all-time high.

Both macro indicators and technical momentum indicators suggest that the current market's "path of least resistance" remains upward. This implies that longs will eventually absorb the selling pressure and drive Bitcoin to a new all-time high. The bullish momentum, if sustained, could potentially propel Bitcoin to break its previous record, according to the analyst's forecast.