Bitcoin Hits New All-Time High – What’s the Next Target for Bulls?
Bitcoin price has set a fresh record at $123,505, fueled by easing miner sell pressure and aggressive buy-side activity in perpetual futures. With $124,000 now the key level to beat, bulls are eyeing $127,000 as the next target — but the rally’s strength will depend on defending $120,000.
Bitcoin price has broken into uncharted territory, hitting a fresh all-time high of above $124,000. BTC is now up nearly 8% over the past week.
The move comes as a key on-chain shift line up in the bulls’ favor. Aggressive buying in perpetual futures has been building for days. But this time, the bulls might just aim higher than the current all-time high zone, as a key plot twist has turned in favor of the Bitcoin price action.
Miner Reserves Retreat As Sell Pressure Eases
Earlier this month, miner reserves swelled from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10. This raised the risk of a supply wave hitting the market. This uptick reflected higher sell-side pressure from miners—a move often seen as a headwind for rallies.
Over 2,000 Bitcoin $BTC sold by miners in 3 days!
— Ali (@ali_charts) August 12, 2025
But as the Bitcoin price tried breaking out, reserves fell to 1,806,630 BTC and have since held steady, signaling that the immediate selling risk has eased. This plot twist retreat has cleared the runway for buyers to push the market higher without heavy miner liquidation overhead.
Bitcoin price and Miner Reserves:
Cryptoquant
Miner Reserves: The total BTC held by miners. Rising reserves can signal incoming sell pressure; falling reserves often remove a major supply-side threat.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Taker Buy Volume Shows Bulls Were Ready
Taker Buy Volume; the total notional value of market buy orders lifting sell-side liquidity, surged to $14.31 billion on August 11 during a failed breakout attempt.
Here’s the key part — in order for a market buy order to get filled, it has to “hit” the sell orders already sitting on the order book. So even though they’re buying, they’re doing it immediately at the seller’s price, not waiting for a dip or a better deal.
In other words, high Taker Buy Volume means aggressive buyers are removing liquidity from the sell side of the order book — they’re clearing out sellers quickly, which can drive the price higher if the pressure keeps up.
This metric has remained elevated at $12.24 billion, showing traders are still chasing price at the ask instead of waiting for dips.
Bitcoin price and taker buy volume:
Cryptoquant
Historically, such sustained buy-side aggression often precedes successful breakouts. In this case, it was less a question of if the rally would break to new highs and more a question of when.
Key Bitcoin Price Levels to Watch
With momentum now tilted heavily toward the bulls, the immediate test lies at $124,300, which stands as the last significant barrier before higher targets come into play.
Bitcoin price analysis:
TradingView
A clean break and daily close above this level could open the Bitcoin price path toward $127,600, aligning with the 1.0 Fibonacci extension and representing the next major upside objective.
On the flip side, if Bitcoin fails to hold above $121,600, especially in combination with a rebound in miner reserves, the bullish setup could face a sharper pullback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CoreWeave Dilemma for Nvidia: Forced to Rescue or Stand By?
As both a shareholder of CoreWeave and its sole GPU supplier, Nvidia now faces a dilemma after the sharp decline in CoreWeave's stock price. If it intervenes, each rescue strengthens expectations of a safety net, raises the threshold for future rescues, and risks getting further entangled in this high-leverage game. If it does not intervene, CoreWeave's liquidity crisis will directly cut off demand for GPU purchases, simultaneously devaluing Nvidia's equity investment and severely damaging its market reputation.
US CPI Heats Up Across the Board, Triggering "Inflation Spiral" Alert; October Rate Hike Odds Once Hit 50%. "New Fed News Agency": Watch Waller's Speech This Week
After the CPI was released, the market-implied rate hike probability first rose to 50% before falling back to 40%. Wall Street generally believes that whether action will be taken in October still depends on how the Federal Reserve assesses inflation trends. "The New Fed News Agency" noted that, unlike in August when price increases were concentrated in certain items, the stronger-than-expected performance of September's core CPI was more broad-based, further reinforcing the case for a December rate hike. The speech by Waller on Friday morning Beijing time is his last public statement before the Fed's blackout period ahead of this month's meeting. Economists are warning about an "inflation spiral," with real purchasing power and midterm election pressures interweaving.
The calm period in the US stock market is over! The S&P 500 ends its record of 53 consecutive trading days without a drop of over 1%. AI stock sell-off intensifies market concerns.
The S&P 500 Index fell by 1.1%, ending a streak of 53 consecutive trading days without a drop of 1% or more. This was the longest period of calm since January 2020.
Federal Reserve Beige Book: U.S. economy expands moderately but inflationary pressures intensify; AI boosts productivity curbing some corporate hiring demand
The latest Beige Book released by the Federal Reserve on Wednesday shows that overall economic activity in the United States continues to grow, but performance varies across regions. Consumer spending remains generally weak, and there has been little change in the labor market.
Crypto prices
More
