Bitcoin’s $120M Make-or-Break Moment: Bulls Battle to Sustain the Rally

Bitcoin’s stair-step climb faces a critical test—$120 million stands between consolidation and a potential pullback. The crypto’s relentless uptrend now dances on a knife’s edge as traders watch order books like hawks.

Market makers are sweating bullets. Liquidity pools look thinner than a Wall Street banker’s patience during a bear market. This isn’t just another resistance level—it’s the line where overleveraged longs meet profit-taking sharks.

One thing’s certain: whoever wins this battle writes the next chapter. Either Bitcoin carves another higher low (yawn) or we get the mother of all liquidation cascades. Place your bets—the casino never closes.

Similarly, since May 10, prices have oscillated mainly between $101,000 and $105,000, marking consolidation following the step into six figure territory.

From here, advancing to the next phase of gains will require bulls to chew through a substantial number of sell orders at around $105,000, posing a significant resistance barrier.

Sell orders worth nearly $50 million were open at $104,800 across major exchanges in addition to the $70 million in selling pressure at $105,000, according to data source Kiyotaka.ai.

The analytics platform tracks the order book heat map by pulling order book data from spot trading on Binance, Bitstamp, Bybt, Coinbase and OKX and perpetual futures trading on Binance, Bybit and OKX.

An open order placed above the current market price is usually a sell order. These can be called limit sell orders, setting the minimum price that sellers are willing to accept. When the spot price reaches this level, the order may be executed, allowing the seller to sell at or above that level.

The chart shows that the global aggregated order book is relatively stacked at higher price levels, hinting at potential profit taking as prices approach lifetime highs.

Macro indicators and technical momentum indicators suggest the path of least resistance is on the higher side, meaning sooner or later bulls will absorb the selling pressure, lifting valuations to record highs.

In other words, these sell walls won’t be there forever.