Bitcoin's recent surge to $104,231 has been met with significant resistance at the $106,265 level, hindering its path to a new all-time high. Despite over $3.13 billion in BTC purchases last week, on-chain data indicates that long-term holders are starting to sell into the rally. 

The Liveliness metric, which measures the ratio of coin days destroyed to coin days created, has risen to a multi-week high. This suggests that previously dormant coins are becoming active, often a sign of profit-taking by early investors. If Bitcoin fails to break through the $106,265 resistance, it could retrace to the $100,000 support level. Conversely, a successful breakout may propel the price toward $110,000.