Bitcoin continues to break through, setting a new all-time high as it temporarily surpasses the $121,000 mark before slightly adjusting and stabilizing around $120,500. With a 2.54% increase over the day, this cryptocurrency is extending its impressive upward streak that began at the start of the month. However, the big question now is: Will the upward momentum continue, or is Bitcoin nearing a cooling-off point?
Investors have not yet taken profits.
The adjusted Spent Output Profit Ratio (aSOPR) is currently at 1.03 – significantly lower than at the beginning of July 2025, when profit-taking activity surged, causing this indicator to spike. However, unlike before, even though Bitcoin just set a new price peak, the market this time shows a holding sentiment rather than selling.
This indicates that a large portion of BTC circulating on-chain is not aimed at short-term profit-taking, reflecting that the current upward trend remains healthy and is not 'overheated'.
Essentially, SOPR is an indicator that measures whether Bitcoin being transferred on-chain is being sold at a profit (value above 1) or at a loss (value below 1). The adjusted version aSOPR removes short-term and internal transactions to provide a clearer picture of the actual profitability of on-chain transactions.
Trading volume is supporting the upward trend.
The On-Balance Volume (OBV) indicator – also known as the balanced volume – is rising alongside the price of Bitcoin, indicating that buying pressure remains strong and closely follows the current uptrend. There are no signs of divergence or weakening momentum, a significant positive for the current trend.
In other words: Bitcoin's price is rising, and trading volume is also increasing – a strong consensus from the market.
OBV is an indicator that measures accumulated buying and selling pressure based on the direction of daily trading volume. When this indicator moves in the same direction as the price, it is a positive signal reinforcing the upward trend.
BTC price structure and next levels.
Currently, Bitcoin is trading just below the $121,519 threshold – an important resistance level determined by the Fibonacci extension levels. If BTC can close above this level, the next potential targets will be $127,798 and $135,425 – long-term forecast levels based on price behavior in previous trends.
Fibonacci extension levels are determined through three key points: low, high, and retracement point. This allows for predicting potential resistance levels as the market continues its upward trend.
In the scenario of BTC reversing and correcting, the nearest support zone will be around $117,109 – an area that previously witnessed a strong breakout. If the price slides below $112,699, this will be a noteworthy warning signal, as this is an important support level tied to Bitcoin's first historical peak. Particularly, if the inflow of funds to exchanges surges or the SOPR indicator spikes sharply, it may reflect significant profit-taking activity by investors – a factor that could trigger a deeper correction, even reversing the current trend.