Why Could the Bitcoin Price Drop Below $105,000 in the Coming Days?

Bitcoin is slowly recovering towards the price level of 108,000 Dollars with the support of a modest recovery in the broader cryptocurrency market over the past week.
However, on-chain data suggests that this recovery may soon face obstacles. Increasing selling pressure from miners and long-term investors (LTHs) poses a threat to correct the recent gains of the leading cryptocurrency.
Bitcoin Selling Pressure is Increasing
According to CryptoQuant, the Visible Demand for BTC has turned negative again. This indicates that buyer activity is not keeping pace with the increasing supply presented to the market.
When the article was written, the 30-day small moving average was observed at -36.98 level on (SMA). The Visible Demand metric measures the balance between new market demand and two main sources of supply: newly issued coins and those spent by previously inactive LTHs.

The Increase in Bitcoin Supply Poses a Risk of a Drop to 105,000 Dollars
When the article was written, BTC is trading at the level of 108,102 Dollar. If buyers cannot absorb the increasing wave of supply, the price of the coin may struggle to hold above this level and could risk retesting the support area of 107,745 Dollar.
If this level cannot be held, BTC may fall below 105,000 Dollar and trade at the level of 104,709 Dollar.