Bitcoin's ascent is facing significant headwinds as it approaches the $95,000 mark, encountering what analysts are calling a "big boy sell wall". This resistance coincides with Bitcoin's struggle to outperform gold, a traditional safe-haven asset, adding complexity to the cryptocurrency's near-term outlook.
After experiencing a strong start to 2026, Bitcoin reached a year-to-date high of $94,026 on Bitstamp. This surge mirrored gains in traditional markets, with U.S. equities opening higher and gold rallying sharply to trade near $4,455 per ounce. However, the momentum has since stalled, with Bitcoin hovering around the $94,000 level.
The $95,000 "sell wall" represents a substantial amount of sell orders clustered around that price point, potentially preventing further upward movement. This phenomenon is not new to Bitcoin, as large sell orders often create resistance levels that can be difficult to overcome. On the Bitstamp exchange's depth chart, a massive wall was observed at $99,500, which is even larger than the one at $100,000.
Adding to Bitcoin's challenges is its performance relative to gold. While Bitcoin is often touted as a digital alternative to gold, it has struggled to maintain its value in comparison to the precious metal. Gold has also rallied, reinforcing the broader risk-on tone, while Bitcoin's inability to consistently outperform gold raises questions about its safe-haven status.
Several factors could be contributing to Bitcoin's current struggles. One is the reduced trading volume. Bitcoin's surge above $94,000 occurred even as crypto trading volume fell to its lowest level since late 2023. Low trading activity can make it difficult to sustain upward momentum, as there may not be enough buyers to absorb the sell pressure at higher price levels.
Furthermore, renewed concerns about treasury companies may be impacting Bitcoin's price. Strategy Inc, the world's largest corporate holder of Bitcoin, recently disclosed a substantial unrealized loss on digital assets in the fourth quarter, due to the decline in Bitcoin's value throughout 2025. This sparked concerns that the company may need to sell its Bitcoin holdings to meet debt and shareholder obligations, potentially leading to massive selling pressure on Bitcoin's price.
Despite these headwinds, some analysts remain optimistic about Bitcoin's long-term prospects. Bitcoin has reclaimed several technically significant levels, including the 50-day exponential moving average (EMA) near $91,600, as well as the 2025 yearly open around $93,500. Morgan Stanley has filed with U.S. regulators to launch a spot Bitcoin ETF, signaling growing institutional confidence in regulated Bitcoin investment products.
The cryptocurrency market is awaiting more clarity on Washington's plans following a U.S. incursion into Venezuela. Bitcoin was nearly unchanged at $93,925.0. Broader crypto prices drifted higher compared to Bitcoin, although they largely lagged gains in other risk-driven sectors, specifically technology stocks.
Ultimately, Bitcoin's ability to overcome the $95,000 sell wall and outperform gold will depend on a combination of factors, including increased trading volume, positive regulatory developments, and renewed investor confidence.
