Bitcoin Rally Stalls Near $105K as Bulls Confront $120M in Sell Orders

Bitcoin has steadily climbed from $75,000 to $104,000 in just over a month, forming a well-defined “stair-step” rally—a pattern marked by sharp gains followed by sideways consolidation. But the next leg higher could prove more difficult as bulls now face a $120 million resistance cluster, according to fresh order book data.

Currently trading around $103,162.90, Bitcoin has gained nearly 38% since April 9, buoyed by improving macro sentiment and renewed institutional engagement.

The rally has followed a disciplined structure:

• The initial breakout from $75K stalled between $83K–$85K.
• A second leg paused around $92K–$96K.
• Most recently, since May 10, BTC has been consolidating in a narrow band between $101K and $105K—its first extended range above six figures.

That next breakout, however, hinges on overcoming significant sell-side pressure. According to Kiyotaka.ai, a platform that aggregates order book data from leading exchanges, there are nearly $50 million in sell orders sitting at $104,800 and an additional $70 million at the $105,000 mark—forming a clear barrier just above current levels.

These are primarily limit sell orders, set by traders looking to exit positions at targeted prices. As Bitcoin’s spot price approaches those levels, the market will need substantial buying momentum to absorb the supply and push higher.

Kiyotaka.ai sources its data from both spot and perpetual futures markets across major platforms, including Binance, Bybit, Coinbase, OKX, and others. The stacked order book at elevated price points suggests traders may be anticipating short-term profit-taking or waiting for confirmation before committing more capital.

Despite the resistance, broader technical and macro signals remain favorable. Momentum indicators show continued strength, and market sentiment has improved alongside regulatory clarity and capital inflows.

While the $105K region may act as a near-term ceiling, the structure of this rally—and the historical resilience of Bitcoin’s bull markets—suggests these sell walls are likely temporary obstacles rather than trend reversals.