Bitcoin (BTC) faces challenges as it struggles to break above the crucial $105,000 resistance level, hindering upward momentum. Long-term holders (LTHs) are selling off their positions, intensifying selling pressure and driving prices lower.

Recent data shows a notable increase in Bitcoin's Liveliness metric, indicating heightened activity among LTHs who have been offloading their holdings. This trend is reflected in shifts in LTH balances and a rise in Coin Days Destroyed, highlighting significant movement in dormant BTC.

The selling pressure from LTHs, who are crucial for Bitcoin's stability, has historically led to bearish outcomes, contributing to the current downward trend in prices.

Despite the current downturn, Bitcoin's macro momentum suggests potential for recovery. The Network Value to Transaction (NVT) Signal, a key valuation metric, indicates that Bitcoin is undervalued relative to its transaction activity, hinting at future growth prospects.

While the NVT signal remains positive, broader market conditions will need to align for BTC to regain strength. Investor sentiment is not explicitly bearish at present, suggesting a potential improvement if conducive conditions, such as increased buying activity or positive economic developments, emerge.

Bitcoin's price has dropped by 3.88% in the past 24 hours, settling at $100,682 due to LTH liquidations and failure to breach the $105,000 resistance level, reinforcing short-term bearish sentiment.

The next critical support level is at $100,000, a psychologically significant point. BTC is expected to find support or consolidate temporarily at this level. Conversely, breaching this support could lead to a further decline to $95,668, escalating losses and strengthening bearish pressure.

If market conditions improve and Bitcoin successfully reclaims $105,000 as support, the bearish outlook would be invalidated. In this scenario, BTC could aim for its all-time high of $109,699, revitalizing investor confidence and potentially sparking a new rally.