Bitcoin Faces $120 Million Resistance: Will Longs Drive Prices to New Heights?
By: en coinotag|2025/05/16 17:45:05
0
Share
COINOTAG News reported on May 16th that, according to Coindesk analyst Omkar Godbole, Bitcoin’s order book data is revealing significant challenges for long positions amid resistance near $120 million. This resistance emerges as traders aim to sustain a classic “stair-step” uptrend, marked by a steady ascent. Since the onset of favorable market conditions on April 9th, Bitcoin’s price surged from approximately $75,000 to $104,000, translating to an impressive 38% increase . For Bitcoin to initiate its next upward trajectory, long positions must effectively manage substantial sell pressure, particularly around the $105,000 mark, which is identified as a crucial resistance level. Data from Kiyotaka.ai highlights the existence of nearly $50 million in sell orders around $104,800 across several prominent exchanges, with sell pressures escalating to $70 million at $105,000. Current charts indicate a notable accumulation of orders within this high price range, which could lead to profit-taking behavior as Bitcoin approaches its prior all-time high. Both macroeconomic trends and technical momentum suggest that the prevailing market sentiment remains upward, indicating that long positions are poised to absorb impending sell orders and potentially propel Bitcoin to new price peaks.
You may also like

Hyperbeat, to launch a "bank" on Hyperliquid
A chain built for transactions, now wanting you to stash your paycheck there.

Crypto Market Macro Research: US-Iran Ceasefire, Time to Reassess Risk Assets
How Does the US-Iran Ceasefire Impact Risk Assets?

Is Bitcoin Forming a Bottom in 2026? How the Tariff Shock and Ceasefire Could Push BTC Toward $75K
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and the Iran ceasefire could shape BTC’s next breakout toward $75K.

Stablecoins Hit $315 Billion in 2026: Why This Is the Biggest Trend in Crypto Right Now
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and geopolitical signals could shape BTC’s next breakout toward $75K.

Tiger Research: A Comprehensive Analysis of the Most Profitable Businesses and Their Business Models in Crypto
Payment fees, shared infrastructure, and offshore demand have become new battlegrounds.

Why is the ceasefire between the U.S. and Iran destined to be unsustainable?
In-depth analysis: Why is the US-Iran ceasefire criticized as "nominal"? When both sides are accustomed to placing their own power above agreements, this brief peace lacking trust is destined to be nothing but ruins.

Starting from the cryptocurrency world, what makes Hermes Agent the biggest challenger to OpenClaw?
Two growth curves are rising at the same time, but the things that are rising are completely different.

Under-the-Radar Middle Eastern Player Set to Be the Star of the 2026 World Cup Prediction Market?
ADI Predictstreet is the Official Prediction Market Partner of the FIFA World Cup 2026.

Turn AI into an individual execution system, Claude's latest Managed Agents Best Practices Guide
From Calling to Hosting, Turning AI from a Tool into a Sustainable Execution System

Why Is the US-Iran Ceasefire Doomed to Fail?
Both parties prioritize the power within the contract

A Climbing Gym Owner's 30-Day AI Journey
No Layoffs, Managing Organization Size with AI

Today's Release | Full Lineup of Guest Demos at "Super Creator Live"
In the age of the AI wave, how should we define the expression belonging to this era?

Crypto OG, why has the Hermes Agent emerged as the top challenger to OpenClaw?
Two growth curves are rising simultaneously, but what is rising is completely different.

Kalshi's eight-year entrepreneurial history: A boxer in a suit steps onto the stage
If you know where to go, the whole world will make way for you.

Once you're over 25, you're already too old to be playing with meme coins.
Pump.fun, the world's largest 24-hour online esports platform

Four New Frontlines Post Ceasefire | Rewire News Daily Brief
Rate Cut Window Pushed Beyond Year End

Holmez accepts Bitcoin for toll payment, how much can Iran earn?
When you stretch the numbers and do the math, the answer turns out to be unexpectedly small

When No One on the Team Wants to Sell: The Valuation Game at Anthropic Enters the “Seller Disappearance” Stage
Anthropic's stock, priced at $350 billion, some want to buy but can't buy enough, some can sell but unwilling to sell.
Hyperbeat, to launch a "bank" on Hyperliquid
A chain built for transactions, now wanting you to stash your paycheck there.
Crypto Market Macro Research: US-Iran Ceasefire, Time to Reassess Risk Assets
How Does the US-Iran Ceasefire Impact Risk Assets?
Is Bitcoin Forming a Bottom in 2026? How the Tariff Shock and Ceasefire Could Push BTC Toward $75K
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and the Iran ceasefire could shape BTC’s next breakout toward $75K.
Stablecoins Hit $315 Billion in 2026: Why This Is the Biggest Trend in Crypto Right Now
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and geopolitical signals could shape BTC’s next breakout toward $75K.
Tiger Research: A Comprehensive Analysis of the Most Profitable Businesses and Their Business Models in Crypto
Payment fees, shared infrastructure, and offshore demand have become new battlegrounds.
Why is the ceasefire between the U.S. and Iran destined to be unsustainable?
In-depth analysis: Why is the US-Iran ceasefire criticized as "nominal"? When both sides are accustomed to placing their own power above agreements, this brief peace lacking trust is destined to be nothing but ruins.
