As of August 14, 2025, Bitcoin's price has reached a new high, surpassing the $124,000 mark for the first time. Over the past week, BTC has risen nearly 8%.

Before this rise, on-chain data clearly shifted in favor of buyers. In recent days, buying activity in the perpetual contract market has remained active.

This time, bulls seem to be aiming not only for the current historical high but may also go further due to unexpected factors driving Bitcoin prices higher.

Mining company reserves have decreased, alleviating selling pressure.

Earlier this month, miners' Bitcoin reserves increased from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10. This surge raised concerns over a potential influx of supply into the market.

Miners sold over 2,000 bitcoins in three days

— Ali (@ali_charts)

The increase in reserves reflects heightened selling pressure from miners—this situation typically drags down price increases.

However, when Bitcoin prices attempted to break through resistance, miners' reserves dropped to 1,806,630 BTC and then stabilized. This decline suggests that the immediate pressure risk of miners selling off has subsided.

This gives buyers more room to push prices higher without worrying about large-scale liquidations from miners.

Miner reserves: the total amount of BTC held by miners. An increase in reserves typically signals potential selling pressure, while a decrease in reserves usually means the threat of a large supply from sellers has disappeared.

The buying volume from buyers indicates that the bull market is ready.

According to BeInCrypto (August 14), on August 11, during a final failed breakout attempt, the volume of purchases by buyers (the total face value of market buy orders that eliminate seller liquidity) surged to $14.31 billion.

Essentially, to complete a market buy order, it must 'meet' existing sell orders in the order book. This means the buyer will immediately accept the seller's quote without waiting for price adjustments or lower offers.

In other words, higher buying volume from buyers indicates that active buyers are consuming seller liquidity—they are quickly depleting seller quotes, and if this pressure continues, it could push prices higher.

Currently, this indicator remains at a high of $12.24 billion, indicating that traders are still chasing sell quotes rather than waiting for a downturn.

Historically, such aggressive buying often signals a successful breakout. In this case, the question is no longer whether this rebound will set a new high, but when it will set a new high.

Key Bitcoin price levels worth noting

With current momentum strongly favoring bulls, the recent challenge is the level of $124,300, which is the last significant hurdle before higher price targets emerge.

If Bitcoin can break through and close above this level, it will open a path to $127,600. This target aligns with the Fibonacci extension of 1.0 and is the next major upward target.

Conversely, if Bitcoin fails to maintain above $121,600, especially with a recovery in miners' reserves, the bullish scenario may encounter a larger pullback.