According to BlockBeats news on May 16, Coindesk analyst Omkar Godbole stated that Bitcoin order book data shows that long positions are facing a resistance challenge valued at $120 million while trying to continue the classic "stair-step" pump (i.e., periodic controlled rises). Since April 9, as trade tensions eased and major market participants began to deploy funds, the price of Bitcoin has risen from around $75,000 to $104,000, an increase of about 38%.

To further push the Bitcoin price into the next pump stage, long positions need to digest a large amount of sell orders, especially in the important resistance area around 105,000 dollars. According to data platforms, nearly 50 million dollars in sell orders have been placed at 104,800 dollars across multiple major trading platforms, while the sell pressure at 105,000 dollars is as high as 70 million dollars.
The chart shows that the aggregated order book has accumulated more at higher price ranges, suggesting that when prices approach historical highs, profit-taking may occur. Both macro indicators and technical momentum indicators indicate that the current market's "minimum resistance path" is still upward, which means that long positions will eventually absorb this selling pressure, pushing Bitcoin to set new highs.