Bitcoin bulls are currently grappling with a resistance challenge of $120 million as they endeavor to maintain the classic ‘stair-step’ upwards trend seen recently.

Since April 9, the cryptocurrency Bitcoin has surged approximately 38%, climbing from around $75,000 to $104,000 amidst easing trade tensions and increased investment from major market players.

This rise can be characterized as a traditional stair-step pattern where initial bullish trends are punctuated by periods of consolidation, paving the way for further price increases. For instance, after rising from $75,000, BTC faced a range-bound trading scenario hovering between $83,000 and $85,000. The latest upward movement encountered a consolidation range around $92,000 to $96,000.

Currently, Bitcoin’s price is oscillating between $101,000 and $105,000, reflecting a period of consolidation following its recent leap into the six-figure price territory. However, to continue capitalizing on this momentum, bulls must navigate through a hefty wall of sell orders clustered around $105,000, which represents a significant hurdle.

According to trading analytics platform Kiyotaka.ai, approximately $50 million in sell orders are resting at $104,800, accompanied by an additional $70 million in pressure at $105,000 across major exchanges.

In essence, these sell walls may not persist indefinitely, and macro trends, along with technical momentum indicators, indicate that the potential for further gains exists on the horizon.