TLDR
- Bitcoin reached a new all-time high of over $124,000, surpassing its previous July record
- Bitcoin has become the fifth-largest asset by market cap, overtaking Google at $2.4 trillion
- Miner reserves recently dropped from 1,808,488 BTC to 1,806,630 BTC, easing sell pressure
- Strong buying momentum with Taker Buy Volume at $12.24 billion signals bullish sentiment
- Market expects Federal Reserve interest rate cut in September with 93.9% probability
Bitcoin has reached unprecedented heights, setting a new all-time high above $124,000 in early August 2025. This milestone continues the cryptocurrency’s impressive performance throughout the year as it solidifies its position among the world’s most valuable assets.
The leading cryptocurrency broke through its previous record high of $123,205 set in July, as it mirrored similar strength in traditional markets. The S&P 500 also logged consecutive record closes, highlighting how both markets are benefiting from the same favorable macroeconomic conditions.
Bitcoin’s rise propelled it to become the fifth-largest asset by market capitalization across all asset classes. With a market cap exceeding $2.46 trillion, Bitcoin has now surpassed Google’s $2.4 trillion valuation.
The price movement comes following the July US Consumer Price Index data, which showed inflation holding steady at 2.7% year-over-year. This figure was unchanged from June and below the forecasted 2.8%, reinforcing market expectations for a Federal Reserve interest rate cut.
According to the CME FedWatch tool, the odds of an interest rate cut at the Federal Reserve’s September meeting have risen to 93.9%. Many long-time crypto investors believe that Fed rate cuts historically benefit Bitcoin’s price action.
Market Dynamics Driving The Rally
On-chain data reveals several factors supporting Bitcoin’s latest push to new heights. Miner reserves, which had increased from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10, have since retreated to 1,806,630 BTC.
This decline in miner reserves has eased immediate selling pressure that could have otherwise hindered the rally. When miners hold less Bitcoin, there’s reduced risk of a supply wave hitting the market.
Over 2,000 Bitcoin $BTC sold by miners in 3 days! pic.twitter.com/2DZdu3YaZ3
— Ali (@ali_charts) August 12, 2025
Taker Buy Volume, which measures the total value of market buy orders that remove liquidity from the sell side, remains elevated at $12.24 billion. This metric had surged to $14.31 billion on August 11 during a previous breakout attempt.
The sustained high level of this metric indicates that traders are aggressively buying at the asking price rather than waiting for price dips, showing strong buyer conviction.
Liquidation data from Hyblock shows Bitcoin pushing through a short liquidation cluster starting at $122,500, with more potential forced closures of positions extending to $124,000. Nearly $2 billion in short positions were at risk of liquidation as Bitcoin pushed through the $122,800 to $125,500 range.
ETF Impact And Investor Sentiment
ETF inflows have also contributed to Bitcoin’s momentum. Farside Investors data showed Bitcoin ETF netflows reaching $65.9 million on Tuesday, while Ethereum ETFs saw an impressive $523.9 million in share purchases.
Tuesday marked a milestone for Ethereum ETFs, which saw their first $1 billion inflow. While Bitcoin ETF inflows have slowed somewhat, the instrument still attracted $1.02 billion since Friday.
The regulatory landscape has also evolved favorably under President Donald Trump, creating a more welcoming environment for institutional cryptocurrency adoption.
Corporate treasury strategies centered on Bitcoin accumulation, pioneered by Michael Saylor’s MicroStrategy, have been increasingly adopted by other companies. This approach of holding Bitcoin as a balance sheet asset has contributed to sustained buying pressure.
With Bitcoin now firmly above the $120,000 resistance zone, technical analysts are looking toward $127,600 as the next major upside target, aligning with the 1.0 Fibonacci extension level.
If Bitcoin fails to hold above $121,600, especially if combined with a rebound in miner reserves, the bullish setup could face a sharper pullback.
For now, the immediate challenge lies at $124,300, which represents the last significant barrier before higher targets come into play.
The total crypto market cap currently stands at a record $4.15 trillion, with Bitcoin and Ethereum together dominating approximately 70% of all crypto trading activity.
The post Bitcoin (BTC) Price: New All-Time High Pushes Crypto Above $124,000 appeared first on Blockonomi.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.