Bitcoin recently hit a new all-time high (ATH), which sparked a wave of optimism among cryptocurrency enthusiasts. However, as the price of Bitcoin climbed towards this milestone, investor skepticism began to rise. Some investors decided to lock in profits, creating uncertainty about whether this rally could be sustained. The lingering question remains: can Bitcoin maintain its bullish momentum, or does the current price action signal an impending shift?

One of the key metrics tracking the activity of long-term holders (LTHs), known as Bitcoin's Liveliness, has reached its highest level in nearly four years. This increase in Liveliness suggests that long-term holders are starting to sell, indicating they might be securing their gains following Bitcoin's recent price surge.

Long-term holders are generally considered the backbone of Bitcoin's price stability, and their selling behavior often signals a change in investor sentiment toward skepticism. When LTHs choose to sell, it frequently marks a turning point in the market. Their selling can result in heightened market volatility and a potential price correction. With more long-term holders exiting the market, Bitcoin faces additional pressure that may hinder further price growth in the near term.

The growth of new Bitcoin addresses has been highly volatile this month. The number of new addresses reached new peaks earlier in the month, but now, red bars on the chart indicate a sharp decline. This slowdown in address growth implies that fewer new investors are entering the market, and some existing holders are opting to exit. This could signify a purging of wallets, a trend typically observed during periods of increasing skepticism.

Compared to April, the growth in new addresses has been significantly more erratic this month. As Bitcoin's price ascended, investors became more cautious and focused on securing their profits.

The volatility in new address growth mirrors the uncertainty surrounding Bitcoin's future price movements, with investors remaining cautious about the long-term sustainability of this rally.

Currently, Bitcoin's price stands at $106,708, just under 5% away from its ATH of $111,980, which was achieved last week. The journey back to that level will largely depend on how investors respond to the prevailing market conditions.

If skepticism and selling persist, Bitcoin may find it challenging to regain its bullish momentum. Should the price continue to decline, Bitcoin might struggle to bounce back. A breakdown below the support level of $106,265 could trigger further drops, potentially pushing the price down to $105,000 or even $102,734 in the short term.

On the other hand, if Bitcoin manages to stay above $106,265 and attracts renewed buying interest, it could easily dispel the bearish outlook. A breakout of the $110,000 resistance level would provide the impetus required to surpass $111,980, setting the stage for a new ATH.

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