PANews reported on May 16 that according to Kiyotaka.ai data, Bitcoin has recently risen from $75,000 to $104,000, showing a "step-by-step" rise pattern. However, bulls are currently facing resistance from sell orders of about $120 million at $104,800 and $105,000, which has become the main challenge for further increases. In the past month, Bitcoin has risen by 38%, but the current price fluctuates between $101,000 and $105,000, indicating that the market has entered a consolidation phase. Analysts believe that despite the significant sell pressure, technical indicators show that Bitcoin is still expected to break through resistance and set a new high.