Bitcoin recorded a controlled stair-step price rally from $75,000 to $104,000. Bitcoin Bulls Face $120 Million Challenge to Continue 'Stair Step' Uptrend Bitcoin bulls are facing resistance at $120 million as they look to extend the classic “stair-step” uptrend or periodic controlled rise. Since April 9, trade tensions have eased and major market participants have invested capital. This rally can be described as a classic stair-step pattern: an initial uptrend is followed by periods of consolidation that set the stage for the next uptrend. For example, the initial rise from $75,000 fluctuated between $83,000 and $85,000, followed by consolidation between $92,000 and $96,000. Similarly, since May 10, prices have mostly fluctuated between $101,000 and $105,000, with consolidation following a six-figure high. From here, to move into the next phase of gains, the bulls will need to digest a significant amount of sell orders around $105,000, which will form a significant resistance barrier. In addition to the $70 million selling pressure at $105,000, around $50 million worth of sell orders were open at $104,800 on major exchanges, according to data source Kiyotaka.ai. The analytics platform tracks the order book heatmap 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 may be called limit sell orders, which specify the minimum price that sellers are willing to accept. When the spot price reaches this level, the order can be executed and the seller can sell at or above that level. The chart shows the global total order book stacked at relatively high price levels, suggesting potential profit taking as prices approach all-time highs. *This is not investment advice.