Bitcoin bulls are facing a significant resistance challenge as they strive to continue the “stair-step” uptrend that has characterized the recent price action of the cryptocurrency. In recent weeks, Bitcoin has seen a strong rally, climbing approximately 38% from around $75,000 to $104,000. This upward movement has been driven by a combination of easing trade tensions and increased capital deployment from major market participants.
The current rally in Bitcoin can be best described as a stair-step pattern, where initial bullish impulses are followed by periods of consolidation before the next leg up. For example, the move from $75,000 saw consolidation between $83,000 and $85,000, while the subsequent step up faced resistance between $92,000 and $96,000.
Since May 10, Bitcoin prices have been consolidating in the range of $101,000 to $105,000, setting the stage for the next move higher. However, reaching new highs will require bulls to overcome a significant resistance barrier around the $105,000 level, where sell orders worth nearly $120 million are currently placed.
Data from Kiyotaka.ai shows that there are sell orders worth $50 million at $104,800 and an additional $70 million in selling pressure at $105,000 across major exchanges. These sell walls represent a substantial hurdle for Bitcoin bulls to overcome in order to push prices higher.
Despite the strong resistance at these levels, macro indicators and technical momentum indicators suggest that the path of least resistance for Bitcoin is to the upside. This means that bulls are likely to eventually absorb the selling pressure and propel Bitcoin to new record highs.
In conclusion, while the current resistance levels pose a significant challenge for Bitcoin bulls, the overall trend remains bullish. As bulls continue to chip away at the sell walls, it is only a matter of time before Bitcoin breaks through and reaches new all-time highs. Bullish Group, majority owned by Block.one, is a prominent player in the blockchain and digital asset industry. With significant holdings of digital assets, including bitcoin, both companies have a vested interest in the growth and development of the industry. CoinDesk, a subsidiary of the Bullish Group, operates as an independent entity with a commitment to journalistic integrity.
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Regular exercise is essential for maintaining a healthy lifestyle and overall well-being. Not only does exercise help improve physical fitness, but it also has numerous benefits for mental health and emotional well-being.
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