The Bitcoin price has entered uncharted territory, reaching a new all-time high above $124,000. BTC rose nearly 8% last week.
The move comes as a key on-chain shift favors bulls. Aggressive buying in perpetual futures has been growing for days. But this time, bulls may aim higher than the current all-time high zone, as a key turnaround favored the price action of Bitcoin.
Miner reserves retreat as selling pressure decreases
Earlier this month, miner reserves increased from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10. This raised the risk of a wave of supply hitting the market. This increase reflected greater selling pressure from miners — a move often seen as a hurdle for rallies.
Over 2,000 Bitcoin $BTC sold by miners in 3 days! pic.twitter.com/2DZdu3YaZ3
— Ali (@ali_charts) August 12, 2025
But, while the Bitcoin price tried to break through, reserves fell to 1,806,630 BTC and have since remained stable, signaling that the immediate risk of selling has diminished. This turnaround cleared the way for buyers to lift the market without heavy liquidation pressure from miners.
Bitcoin Price and Miner Reserves: Cryptoquant
Miner Reserves: The total BTC held by miners. Rising reserves can signal imminent selling pressure; declining reserves often remove a major threat from the supply side.
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Taker Buy Volume Shows Bulls Were Ready
Taker Buy Volume; the total nominal value of market buy orders that lift liquidity on the sell side, surged to $14.31 billion on August 11 during a failed breakout attempt.
Here’s the key part— for a market buy order to be filled, it needs to 'hit' the sell orders already present in the order book. So, even if they are buying, they are doing so immediately at the seller's price, without waiting for a dip or a better deal.
In other words, a high Taker Buy Volume means aggressive buyers are removing liquidity from the sell side of the order book — they are quickly eliminating sellers, which can drive the price up if the pressure continues.
This metric remained elevated at $12.24 billion, showing that traders are still chasing the price on the offer rather than waiting for dips.
Bitcoin Price and Taker Buy Volume: Cryptoquant
Historically, this sustained aggression on the buy side often precedes successful breakouts. In this case, it was less a question of whether the rally would break to new highs and more a question of when.
Key Bitcoin Price Levels to Watch
With momentum now strongly tilted towards the bulls, the immediate test is at $124,300, which presents itself as the last significant barrier before higher targets come into play.
Bitcoin Price Analysis: TradingView
A clean breakout and daily close above this level could pave the way for Bitcoin's price towards $127,600, aligning with the 1.0 Fibonacci extension and representing the next major bullish target.
On the other hand, if Bitcoin fails to hold above $121,600, especially in combination with an increase in miner reserves, the bullish setup may face a sharper correction.
The article Bitcoin Hits New All-Time High: What is the Next Target for Investors? was first seen on BeInCrypto Brazil.
