Bitcoin Surges 2.54% to New All-Time High of $121,000

Bitcoin has once again hit a new all-time high, briefly moving above $121,000 before stabilizing near $120,500. The price is up 2.54% today, continuing a strong trend that started earlier this month. The rally is supported by key indicators that suggest the trend might not be done just yet.

Holders are not taking profits yet, as indicated by the adjusted Spent Output Profit Ratio (aSOPR) currently sitting at 1.03, well below the early July 2025 levels. This suggests that despite Bitcoin making new highs, traders appear to be holding instead of selling. Most coins being moved on-chain are not being sold for massive gains, which indicates that the rally is not overheated. SOPR shows whether BTC moved on-chain is being sold at a profit or at a loss. Adjusted SOPR fine-tunes the metric and filters out short-term internal transactions to show whether BTC moved on-chain is being sold at a profit or loss.

On-Balance Volume (OBV) is moving up in tandem with Bitcoin’s price, a key sign that buying volume is keeping pace with the rally. There’s no visible divergence, no breakdown in momentum. In simpler terms, BTC is going up, and the volume is going with it, not against it. OBV measures cumulative buy/sell pressure based on daily volume direction. It is a bullish sign when it follows a positive price trend.

BTC is currently holding just below $121,519, a key resistance level from the Trend-Based Fibonacci Extension. If Bitcoin closes above this level, the next extension target is $127,798, followed by $135,425. These are long-range projections based on previous trend behavior. Trend-Based Fibonacci Extension is a tool that uses three key price points: a low, a high, and a retracement, to project future resistance levels in a trending market. If BTC consolidates, near-term support sits at $117,109, which is a prior breakout area. The bullish trend would weaken if BTC falls below $112,699, a key support level near the first all-time high, especially if exchange inflows spike or SOPR starts to rise sharply. That would suggest holders are starting to take profits aggressively, which could lead to a pullback or trend reversal.