Introduction
Bitcoin (BTC) has been on a bullish tear since early April 2025, surging over 38% from around $75,000 to just over $104,000. This upward trend has followed a classic “stair-step” pattern—a well-known technical formation where price increases are followed by short consolidation phases before the next leg higher.
However, Bitcoin now faces its biggest challenge yet: a massive $120 million resistance wall, with concentrated sell orders around the $104,800 to $105,000 range. Whether bulls can absorb this pressure will determine if the world’s top cryptocurrency is ready to make a run toward new all-time highs.
This blog explores the current BTC price structure, order book dynamics, key resistance zones, and what traders and investors can expect in the coming days.
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Bitcoin’s Stair-Step Rally: A Textbook Bullish Pattern
Since April 9, Bitcoin has displayed a stair-step bullish trend, where each significant upward movement has been followed by healthy consolidation. This type of price action is often viewed as sustainable because it reflects market acceptance of higher price levels, preventing overbought conditions.
Key Consolidation Zones
$75,000 to $83,000: Initial rally zone
$83,000 to $85,000: First consolidation step
$92,000 to $96,000: Second consolidation zone
$101,000 to $105,000: Current consolidation range
This behavior suggests that Bitcoin is forming strong support zones beneath each leg higher, a bullish sign indicating market participants are comfortable buying at increasingly higher prices.
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The $120 Million Resistance Wall: Why $105K Is Crucial
According to order book data from analytics platform Kiyotaka.ai, Bitcoin bulls are currently facing a significant resistance zone between $104,800 and $105,000.
Order Book Highlights:
$50 million in sell orders at $104,800
$70 million in sell orders at $105,000
Combined total resistance: $120 million
Platforms tracked: Binance, Coinbase, Bitstamp, OKX, Bybit
This concentration of limit sell orders represents the minimum price that sellers are willing to accept. Until bulls consume these sell walls, upward movement will remain capped.
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What Are Limit Sell Orders?
Limit sell orders are pre-set trades that trigger only when the market reaches a certain price. These are typically used by:
Traders seeking profit-taking near resistance levels
Long-term holders looking to sell at premium prices
Institutions managing risk by laddering out of large positions
A heavily “stacked” order book at higher price levels often reflects profit-taking behavior, especially as Bitcoin nears historical highs.
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Are Bulls Losing Momentum?
Not necessarily.
While the presence of large sell walls might seem bearish, technical indicators and macro sentiment suggest otherwise. Here’s why:
1. Technical Indicators Favor Bulls
RSI and MACD on daily charts show strong upward momentum.
Price structure remains above all major moving averages (50-DMA, 100-DMA, 200-DMA).
Recent pullbacks have been shallow, indicating strong dip-buying demand.
2. Macro Environment Is Supportive
Easing trade tensions globally have brought more institutional capital into risk assets.
U.S. monetary policy remains stable, with rate cuts expected later in the year.
Bitcoin ETFs continue to see strong inflows, particularly from hedge funds and retirement accounts.
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Will the $105K Resistance Hold?
Historically, large sell walls do not last indefinitely. Once market momentum reaches a critical point, bulls can absorb these orders quickly, especially in a low-liquidity environment where even moderate buy-side demand can break through.
This is known as a “liquidity crunch squeeze”, where a sudden surge in buying clears the sell orders rapidly, triggering a cascading effect of short liquidations and momentum trading.
If Bitcoin breaks above $105K with strong volume, analysts expect the next leg could target:
$112,000 (psychological resistance)
$118,000 to $120,000 (measured move based on recent consolidation width)
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What Does the Global Order Book Heatmap Show?
The Kiyotaka.ai heatmap, which aggregates order book data from major exchanges, visually illustrates how stacked the current market is at higher price levels. This data is crucial for traders looking to:
Identify resistance and support zones
Predict short-term price reversals
Time entries and exits
The heatmap shows that while sell orders dominate the $104,000 to $105,000 band, buy orders are clustering near $101,000, providing solid short-term support.
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Strategy for Traders and Investors
If you're trading or investing in Bitcoin right now, here are some strategic takeaways:
For Short-Term Traders:
Watch for a breakout above $105K on high volume before going long.
Set tight stop losses below $101,000, the current support base.
Be cautious of fakeouts near resistance without confirmation candles.
For Long-Term Investors:
Consolidations like these are part of healthy bull runs.
Consider dollar-cost averaging during dips within the $101K–$105K range.
Keep an eye on macro indicators like ETF flows and Fed commentary.
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Conclusion
Bitcoin bulls have made impressive progress, pushing BTC from $75K to over $104K in just over a month. Now, the final hurdle to reclaiming all-time highs lies at the $105K level, where a staggering $120 million in sell orders awaits.
Yet, with strong technical momentum, growing institutional demand, and a bullish macro backdrop, this resistance may only be temporary. As the stair-step pattern suggests, once this level is cleared, BTC could enter price discovery mode once again.
Stay tuned, as the next move may be explosive.
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