Analyst: Bitcoin Faces Resistance Near $10.5K, Bullish Momentum Could Propel Bitcoin to Break All-Time High

On May 16th, Coindesk analyst Omkar Godbole pointed out that Bitcoin order book data indicates that longs are facing a resistance challenge of $120 million as they try to continue the classic "stair-step" uptrend (that is, a periodic controlled rise). Since April 9th, with the easing of trade tensions and major market participants starting to allocate funds, the Bitcoin price has risen from around $75,000 to $104,000, representing a gain of approximately 38%. In order to further drive the Bitcoin price into the next upward trend leg, longs need to absorb a large amount of selling pressure, especially around $105,000, which constitutes a key resistance area. According to the data platform Kiyotaka.ai, nearly $50 million in sell orders are currently placed at $104,800 across multiple major exchanges, and the selling pressure reaches as high as $70 million at $105,000. Charts show a significant accumulation in the higher price range on the order book, suggesting that profit-taking may occur as the price approaches the previous all-time high. Both macro indicators and technical momentum indicators suggest that the current market's "path of least resistance" is still upward, indicating that longs will ultimately absorb this selling pressure and drive Bitcoin to a new high.