Bitcoin BTC bulls face a $120 million resistance challenge as they look to extend the classic «stair-step» uptrend, or periodic controlled move higher, order book data show.

Since April 9, bitcoin has climbed about 38%, advancing from around $75,000 to $104,000 as trade tensions eased and major market participants deployed capital.

This rally can be described as a classic stair-step pattern: Initial bullish impulses are followed by periods of consolidation, which set the stage for the next upward move.

For example, the initial increase from $75,000 encountered range-bound trading between $83,000 and $85,000. The subsequent step higher faced consolidation between $92,000 and $96,000.

Similarly, since May 10, prices have oscillated mainly between $101,000 and $105,000, marking consolidation following the step into six figure territory.

From here, advancing to the next phase of gains will require bulls to chew through a substantial number of sell orders at around $105,000, posing a significant resistance barrier.

Sell orders worth nearly $50 million were open at $104,800 across major exchanges in addition to the $70 million in selling pressure at $105,000, according to data source Kiyotaka.ai.

The analytics platform tracks the order book heat map by pulling order book data from spot trading on Binance, Bitstamp, Bybt, Coinbase and OKX and perpetual futures trading on Binance, Bybit and OKX.

An open order placed above the current market price is usually a sell order. These can be called limit sell orders, setting the minimum price that sellers are willing to accept. When the spot price reaches this level, the order may be executed, allowing the seller to sell at or above that level.

The chart shows that the global aggregated order book is relatively stacked at higher price levels, hinting at potential profit taking as prices approach lifetime highs.

Macro indicators and technical momentum indicators suggest the path of least resistance is on the higher side, meaning sooner or later bulls will absorb the selling pressure, lifting valuations to record highs.

In other words, these sell walls won’t be there forever.

U.S. Department of Justice (DOJ) has charged 12 individuals for stealing over $263 million in crypto. The individuals are linked to an earlier investigation where scammers were able to siphon off over $243 million from a Genesis creditor.

According to blockchain sleuth ZachXBT, last year one of the creditor of defunct trading firm Genesis was spoofed by a group of scammers, who were able to steal $243 million worth of digital assets and then redirect it through crypto mixers.

Several of the individuals charged, which includes U.S. nationals and foreign, were arrested in California this week, the DOJ said in a press release on Thursday. The remaining two individuals live abroad.

The charges on the individuals range from racketeering, wire fraud to money laundering, and obstruction of justice.

Read more: Police Arrest Two People Related to $243M Crypto Heist Targeting Genesis Creditor

Social engineering scams are being increasingly used by scammers to steal crypto. Scammers obtain certain personal information and then trick the user into sending them their crypto.

On Thursday, Coinbase revealed that scammers were able to bribe some of their overseas employees and stole important user data from their database. The exchange expects to voluntarily pay users between $180 million to $400 million for the data breach.

Read more: Coinbase Could Pay Customers Up to $400M for Data Breach

U.S. Department of Justice (DOJ) has charged 12 additional individuals in a racketeering conspiracy involving over $263 million in crypto fraud, money laundering, and home break-ins. The individuals are linked to an earlier investigation where scammers were able to siphon off over $243 million from a Genesis creditor. According to blockchain sleuth ZachXBT, last year one of the creditor of defunct trading firm Genesis was spoofed by a group of scammers, who were able to steal $243 million worth of digital assets and then redirect it through crypto mixers. Several of the individuals charged, which includes U.S. nationals and foreign, were arrested in California this week, the DOJ said in a press release on Thursday. The remaining two individuals live abroad. Social engineering scams are being increasingly used by scammers to steal crypto. Scammers obtain certain personal information and then trick the user into sending them their crypto. On Thursday, Coinbase revealed that scammers were able to bribe some of their overseas employees and stole important user data from their database. The exchange expects to voluntarily pay users between $180 million to $400 million for the data breach.

FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan, the FTX Recovery Trust said Thursday.

The estate will pay out to four classes of creditors, with recoveries ranging from 54% to 120% of their original claims. The amounts are based on the U.S. dollar value of customer holdings at the time of FTX’s collapse in November 2022.

BitGo and Kraken, two custodians overseeing the distribution process, are expected to transfer funds to eligible claimants within one to three business days from May 30.

The payout breakdown includes “Class 5” creditors, or Alameda Research counterparties, lenders, and trading vendors, who are set to receive between 54% and 72% of approved claims.

Small, unsecured claimants are recovering about 61%. Meanwhile, intercompany claims involving FTX’s various subsidiaries are being repaid at 120%.

Over 90% of all claims have entered the distribution pipeline, the Repayment Trust said in its release.