Bitcoin has recently achieved a new high high ATH),), reigniting the upward momentum among cryptocurrency enthusiasts. However>>investors are realizing profits, creating uncertainty about whether this upward trend can continue. Questions remain about whether Bitcoin can continue its upward trajectory or if the current price movement is a harbinger of future trends.
<2Investors Still, Still UncertainBitcoin's liveliness, a key indicator tracking long-term holder (LTH) activity, has reached its highest level in almost years. The increase in liveliness indicates that that long-term holders are beginning to sell, suggesting they may be securing profits following Bitcoin's recent price surge.
LTHs are generally considered the backbone of Bitcoin's price stability, and their selling behavior implies that investor sentiment is becoming more skeptical.
When long-term holders decide to sell, it often signifies a market turning point. Their sales can increase market volatility and potentially lead to price corrections. As more long-term holders exit the market, Bitcoin faces pressure that could hinder additional short-term price increases.
vel. Source:="glassnodeThe growth of new Bitcoin addresses has been highly volatile this month. The number of new addresses reached a new peak early this month, but now the red bars on the chart indicate a sharp decline.
The slowaddress growth suggests fewer new investors are entering the market, and some existing holders are are leaving. This could indicate wallet consolidation, typically observed during periods of increased skepticism.
To, growth this month has been irregular. As Bitcoin's price rises, investors are becoming more cautious and focusing on profitaking-taking.
The volatility in new address growth reflects uncertainty about Bitcoin's future future price movements, with investors remaining wary of the long-term sustainability of this upward trend.
BTC Price, Approaching to-Time High's Bitcoin's price is currently at $106,708, less than 5% from from the ATH of $111,980 achieved last week. However>However,, the path to reaching that level again heavily depends on investors' reactions to the current market situation.
If skepticism and selling continue, Bitcoin may struggle to recover its upward momentum.
If the price continues to fall, Bitcoin could face recovery challenges. Dropping below the support level of $106,265 could lead to further decline, potentially pushing the $to $105,000 or $102,734 p in the short term.
However,, if Bitcoin maintains above $106,265 and buying buying interest is renewed, it can easily invalidate the downward outlook outlook. Breaking through the $110,000 resistance level would provide momentum to potentially surpass the previous ATH of $111,980.
