Bitcoin Smashes Yet Another ATH in 2025 – Where Does BTC Go From Here?
Another day, another record-breaking Bitcoin price. The king of crypto just bulldozed through its previous all-time high—again. But this isn’t 2021 anymore. So what’s fueling this rally, and how long can it last?
The institutional FOMO is real. BlackRock’s spot ETF approval in January opened the floodgates for Wall Street money, while the Fed’s rate cuts turned BTC into the ultimate ‘hard asset’ play. Retail traders? They’re just along for the ride—as usual.
Technical indicators scream overbought, but since when did that stop crypto? The $100K psychological barrier now looks like a speed bump rather than a ceiling. Though if history repeats, we’ll see a 30% correction before the next leg up. (Pro tip: Wall Street ‘analysts’ will call it a ‘healthy pullback’ right until it crashes 80%.)
One thing’s certain—when Bitcoin moves, it drags the entire market with it. Altcoins are already pumping on pure hopium. Just remember: in crypto, new highs aren’t a destination—they’re mile markers on the road to volatility.
Holders Aren’t Taking Profits Yet
The adjusted Spent Output Profit Ratio (aSOPR) currently sits at 1.03, well below the early July 2025 levels, where aggressive profit-taking pushed the ratio much higher. This time, despite Bitcoin making new highs, traders appear to be holding instead of selling.
This means most coins being moved on-chain are not being sold for massive gains, which suggests the rally is not overheated.
SOPR shows whether BTC moved on-chain is being sold at a profit (>1) or at a loss (
Volume is Supporting the Rally
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 Price Structure and Next Levels
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.
