Bitcoin has recently hit a new all-time high (ATH), sparking optimism among cryptocurrency enthusiasts. Nevertheless, with the price nearing new peaks, some investors are starting to feel uncertain.

There is a question of whether the current momentum of Bitcoin can be sustained as some investors are cashing out their profits. The actions of long-term holders, as indicated by Bitcoin's Liveliness metric, suggest that they are selling and possibly locking in gains following the recent surge in the price of Bitcoin.

Long-term holders play a crucial role in maintaining Bitcoin's price stability, and their selling behavior often reflects a shift towards skepticism among investors. When long-term holders start selling, it tends to impact market volatility and could lead to a price correction, potentially hindering further price growth in the short term.

Moreover, the growth of new Bitcoin addresses has been volatile, with a recent decline indicating that fewer new investors are entering the market. This slowdown could mean existing holders are exiting, possibly reflecting a cautious approach by investors to secure their profits amidst market uncertainty.

Bitcoin's current price is close to its ATH at $106,708, just below 5% from the previous high of $111,980. The path to reclaiming this ATH depends on how investors respond to the existing market conditions. If skepticism and selling persist, Bitcoin may struggle to regain its bullish momentum. However, the cryptocurrency could recover and aim for a new ATH if it remains above key support levels and sees renewed buying interest.