Bitcoin has been the talk of investors lately as its value nears $105,000, driven by increased institutional interest and positive market sentiment. However, there are some conflicting factors that may prevent it from reaching a new peak.

Investors are actively accumulating Bitcoin, with over 30,072 BTC worth $3.13 billion bought in the past week. This surge in purchases has caused the exchange net position to decrease, indicating more coins are being withdrawn than deposited, a clear sign of accumulation frenzy.

Although accumulation is strong, there is a mixed outlook as the Liveliness indicator has spiked since May. This suggests long-term holders might start selling, which could introduce selling pressure into the market and potentially counteract the positive sentiment from fresh accumulation.

Bitcoin is currently trading at $104,231, aiming for a breakthrough of the $105,000 psychological barrier. However, the actual resistance level is at $106,265, a hurdle that has constrained Bitcoin's upward movement since December 2024. Overcoming this resistance is crucial for Bitcoin to set a new all-time high, with $109,588 being the target.

If Bitcoin fails to surpass $106,265, a correction back to $100,000 is a possibility. Conversely, breaking and maintaining $106,265 as support could rekindle bullish momentum, setting the stage for a potential new all-time high above $109,588 and even a run towards $110,000.