Bitcoin Breaks New All-Time Record High of $124,000 – Where’s the Next Bull Target?

Jakarta, Pintu News – As of August 14, 2025, the price of Bitcoin (BTC) has now broken a new record high, surpassing the $124,000 level for the first time. In the past week, BTC has rallied nearly 8%.

This rise comes on the heels of a notable shift in on-chain data in favor of the buying side. Aggressive buying activity in the perpetual futures market has been ongoing over the past few days.

This time around, the bulls seem to not only be aiming for the current record highs, but could potentially go even further, thanks to the surprise factor driving Bitcoin’s price action to higher levels.

Miners’ Reserves Fall, Selling Pressure Eases

Earlier this month, miners’ Bitcoin reserves increased from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10. This spike had sparked fears of a potential large supply wave flooding the market.

Read also: Bitcoin Breaks Prints Record All-Time High above $123K Today: Traders Prepare Strategies for Rate Cut!

The increase in reserves reflects higher selling pressure on the part of miners – a condition that is usually a drag on price increases.

However, when Bitcoin price tried to break the resistance level, miners’ reserves dropped to 1,806,630 BTC and have since tended to stabilize. This decline signals that the risk of immediate selling pressure from miners has subsided.

With this, buyers have more room to push prices to higher levels without worrying about massive liquidation from miners.

Miners’ Reserves: The total BTC held by miners. An increase in reserves often signals potential selling pressure, while a decrease in reserves generally removes the threat of a large supply from the sell side.

Taker Purchase Volume Indicates Bull Readiness

As reported by BeInCrypto (14/8), Taker Purchase Volume – the total face value of market buy orders that wiped out liquidity on the sell side – surged to $14.31 billion on August 11 during a breakout attempt that ultimately failed.

In essence, in order for a market buy order to be fulfilled, it must “bump” into a sell order already in the order book. This means that buyers immediately take the price offered by the seller, without waiting for a correction or a lower price.

In other words, high Taker Purchase Volume indicates aggressive buyers are draining liquidity on the sell side – they are quickly exhausting offers from sellers, which could push prices up if this pressure continues.

Currently, the metric is still at a high level of $12.24 billion, signaling traders are still chasing prices at the ask level rather than waiting for a drop.

Historically, this kind of buying aggressiveness often signals a successful breakout. In this situation, the question is no longer whether the rally will break a new record, but when it will happen.

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Key Bitcoin Price Levels to Watch

With the momentum now leaning strongly in favor of the bulls, the nearest challenge is at the $124,300 level, which is the last significant barrier before a higher price target opens up.

If Bitcoin is able to break and close daily trading above this level, an upside path towards $127,600 will open up. This target is in line with Fibonacci extension 1.0 and is the next major upside target.

Conversely, if Bitcoin fails to hold above $121,600, especially if accompanied by a resurgence in miner reserves, the bullish scenario risks a sharper correction.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Bitcoin Hits New All-Time High – What’s the Next Target for Bulls? Accessed on August 14, 2025