Bitcoin Battles to Reclaim $105,000 Amidst Increased Selling Pressure

Bitcoin's recent price action has been marked by increased selling pressure, with the cryptocurrency struggling to reclaim the $105,000 level. This has raised questions about the potential for a recovery in the near term. As of now, Bitcoin is trading around $100,682, having dropped by 3.88% over the past 24 hours.

Analysts have noted a surge in Bitcoin's Liveliness, indicating significant sell-off activities. This is reflected in the rise of Coin Days Destroyed, suggesting a shift in market dynamics. The key support level for Bitcoin is currently at $100,000, with a breach of this level potentially leading to further decline towards $95,668.

Reclaiming the $105,000 threshold could reinstate bullish momentum towards $109,699, according to a market analyst from COINOTAG. However, Bitcoin's failure to secure above this level has led to turbulent times for the leading cryptocurrency. The recent downturn can be primarily attributed to the activities of long-term holders (LTHs), who have begun liquidating their assets, exerting additional downward pressure on the price.

The Network Value to Transaction (NVT) Signal currently indicates that Bitcoin's price does not align with its transaction activity, suggesting that an uptrend could be in the making should broader market sentiments shift positively. Investors remain cautiously optimistic, with a lack of substantial negative sentiment indicating that a resurgence in demand for BTC could occur if conditions improve.

In conclusion, Bitcoin is currently navigating a rocky path as it tests significant support levels amidst increased selling pressure from long-term holders. The upcoming days are critical; should it reclaim $105,000, the chance for a bullish rebound remains optimistic. Alternatively, losing the $100,000 support could escalate bearish trends further. Investors are advised to watch these levels keenly to inform their trading strategies in an ever-fluctuating market.