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Bitcoin BTC$103 467.10 Bulls faces a call for resistance $ 120 million because they are trying to expand the classic “staircases” or periodically controlled movement higher, show data about the order book.
From April 9, Bitcoin climbed about 38%and proceeded from approximately 75,000 to $ 104,000 when the trade tension was alleviated and the main market participants deployed capital.
This assembly can be described as a classic pattern of the staircase: after the initial bulls of impulses follow the period of consolidation, which determined the land for further ascending move.
For example, an initial increase from $ 75,000 has encountered a trade between $ 83,000 and $ 85,000. The following step higher faced consolidation between $ 92,000 and $ 96,000.
Similarly, from May 10, prices oscillated mainly between $ 101,000 and $ 105,000, which meant consolidation after a step in six characters.
From there it will proceed to the next phase of profits for the bulls to chew a large number of sales orders for approximately $ 105,000, which represents a significant barrier of resistance.
According to Kiyotaka.Ai, sales worth almost $ 50 million for $ 104,800 on the main stock exchanges were opened on the main stock market in addition to sales pressure at $ 105,000.
The Analytics platform monitors the map of order books by thermal map by pulling out the data of the book books from Spot Trading on Binance, Bitstamp, Bybt, Coinbase and OKX and Perpetual Futures Trading on Binance, BYBA and OKX.
An open order placed above the current market price is usually a sales order. They can be called orders to sell the limit and determination of the minimum price that sellers are willing to accept. When the spot price reaches this level, the order can be made, allowing the seller to sell at this level or above the level.
The graph shows that the global aggregated book of orders is relatively stacked at higher price levels, indicating the potential profit of how prices approach the lifelong maximum.
Macro indicators and Technical momentum indicators Design that the path of the least resistance is on the higher side, which means that sooner or later the bulls absorb sales pressure and raise the valuation for recording Maxim.
In other words, these seller walls will not be there forever.
