#BTC Hits New ATH#  Bitcoin at a New All-Time High – What's the Bulls' Next Target?

Bitcoin's price has entered uncharted territory, reaching a new all-time high above $124,000. BTC is up almost 8% in the past week.

This move comes as a significant on-chain shift favors the bulls. Aggressive buying in perpetual futures has been increasing for days. However, this time, the bulls may aim to break beyond the current all-time high, as a significant development has favored Bitcoin's price action.

Miner Reserves Retreat, Selling Pressure Easing

Earlier this month, miner reserves rose from 1,806,790 BTC on August 2nd to 1,808,488 BTC on August 10th. This increased the risk of a surge in supply. This increase reflected increased selling pressure from miners and is often seen as a hindrance to rallies.

However, as the Bitcoin price attempted to breakout, reserves fell to 1,806,630 BTC and have remained stable since then, suggesting that the risk of a sudden sell-off has diminished. This development paved the way for buyers to drive the market higher without the heavy pressure of miner liquidation.

Miner Reserves: The total amount of BTC held by miners. Rising reserves can signal impending selling pressure; falling reserves generally eliminate a major supply-side threat.

Taker Buy Volume Shows Bulls Readiness

Taker Buy Volume, the total notional value of market buy orders that remove sell-side liquidity, rose to $14.31 billion during a failed exit attempt on August 11th.

Here's the important part—for a market buy order to be executed, it must "bump" into the sell orders already pending on the order book. So, even if they're buying, they're doing so immediately at the seller's price, not waiting for a dip or a better opportunity.

In other words, high Taker Buy Volume means that aggressive buyers are removing liquidity from the sell side of the order book—quickly clearing out sellers, which could push the price higher if pressure persists.

This metric remains elevated at $12.24 billion, indicating that traders are following the price at the ask price without anticipating a dip.

Historically, this kind of sustained buy-side aggression often heralds successful breakouts. In this case, it was more a question of when, not if, the rally would break out to new highs.

Key Bitcoin Price Levels to Watch

With momentum now heavily favoring the bulls, the immediate test lies at $124,300, which remains the last significant hurdle before higher targets come into play.

A clean break above this level and a daily close could open the Bitcoin price path to $127,600, which aligns with the 1.0 Fibonacci extension and represents the next major upside target.

On the other hand, if Bitcoin fails to hold above $121,600, the bullish scenario could face a sharper pullback, particularly with a recovery in miner reserves.