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Why might the price of Bitcoin fall below $105,000 in the coming days?
Bitcoin is slowly recovering to the price level of $108,000, supported by a moderate rebound in the broader cryptocurrency market over the past week.
However, on-chain data indicates that this rebound may soon encounter obstacles. The increased selling pressure from miners and long-term investors ( LTHs ) poses a correction threat to the recent gains of the leading cryptocurrency.
Bitcoin selling pressure increases
According to CryptoQuant, the visible demand for BTC has turned negative again. This indicates that buyer activity is not keeping pace with the increase in market supply.
When the writing is completed, the 30-day moving average shows an indicator of -36.98 on (SMA). The demand indicator measures the balance between new market demand and two primary sources of supply: newly issued coins and those consumed by previously inactive LTH.
The increase in Bitcoin supply has brought about a fall risk of $105,000.
At the time of writing, the trading price of BTC is $108,102. If buyers are unable to absorb the increasing supply, the price of the coin may struggle to maintain this level and could face the risk of retesting the support area at $107,745.
If this level cannot be maintained, Bitcoin may fall below 105,000 dollars, trading at a level of 104,709 dollars.