Bitcoin has just reached a new all-time high of $123K. The king of crypto has been on a tear, rising 4.2% today and showing no signs of slowing down. But can this rally keep going, or is it time for a breather?
Hodlers Keep Holding
While Bitcoin is smashing new price records, the aSOPR (Adjusted Spent Output Profit Ratio) remains steady at 1.03, far from the extreme profit-taking levels we saw in early July 2025. This suggests that Bitcoin holders are in no rush to cash out, signaling that the rally isn’t running on empty yet. Despite hitting new highs, it’s clear the market’s not overbought, at least not yet.
Volume’s on Bitcoin’s Side
Bitcoin’s price rise is being backed by strong buying volume. The On-Balance Volume (OBV) is moving upwards in lockstep with Bitcoin’s price, signaling that buyers are still pouring in and keeping the momentum strong. This is the kind of support any rally needs to stay afloat, so there’s no sign of weakening buying pressure.
Where Is Bitcoin Going Next?
With BTC smashing through the $120K barrier, eyes are now on the next big resistance level. If Bitcoin can break through, we’re looking at a potential jump to $127,798, and who knows, $135,425 might just be within reach. These levels are projections based on previous trends, and they’re looking promising.
But if Bitcoin starts to show signs of consolidation, support will be found at $117,109. A drop below $112,699 could spell trouble, especially if we start seeing a rise in exchange inflows or the aSOPR takes off. That would signal that holders are cashing in, and we might be in for a pullback or even a trend reversal.
Abimbola Adu
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