Bitcoin BTC bulls are facing a $120 million resistance challenge as they aim to continue the classic “stair-step” uptrend, according to order book data. Since April 9, Bitcoin has surged by about 38%, rising from around $75,000 to $104,000 as tensions in trade eased and major market players invested capital.

This rally can be characterized as a traditional stair-step pattern: Initial bullish movements are followed by consolidation periods, which prepare the groundwork for the next upward trend. For instance, the initial rise from $75,000 saw trading within the $83,000 to $85,000 range. The subsequent step upwards encountered consolidation between $92,000 and $96,000.

Similarly, since May 10, prices have mainly fluctuated between $101,000 and $105,000, showcasing consolidation after entering six-figure territory. Moving to the next phase of gains will require bulls to overcome a significant number of sell orders at around $105,000, creating a formidable resistance obstacle.

Approximately $50 million in sell orders were open at $104,800 across major exchanges, in addition to $70 million in selling pressure at $105,000, based on data from Kiyotaka.ai. The analytics platform monitors the order book heat map by aggregating order book data from spot trading on various platforms, including Binance, Bitstamp, Bybt, Coinbase, OKX, as well as perpetual futures trading on Binance, Bybit, and OKX.

The global aggregated order book chart reveals that higher price levels have a stacked order book, indicating the possibility of profit-taking as prices approach all-time highs.

Macro and technical momentum indicators suggest that the path of least resistance is towards higher prices, implying that bulls will eventually absorb the selling pressure and push valuations to new peaks. In other words, these sell walls are not permanent fixtures and will eventually be surpassed.