The Bitcoin price surged to a new all-time high (ATH) of $124,128 early Thursday morning, sparking excitement across the cryptocurrency market. But similar to other recent Bitcoin rallies, the upward trend was quickly halted.
It is currently trading around $121,600 and seems to be establishing a support zone at this level. Several prominent traders believe the $120,000 – $121,000 range could serve as a crucial structural level that helps spark the next upward move, with some eyeing the $150,000 target.
As Bitcoin advances, its ecosystem is also gaining traction. A new layer 2 blockchain called Bitcoin Hyper is among the strongest performers, with its ongoing presale raising $9.3 million so far.
The project aims to build a new smart contract layer on Bitcoin, capable of handling thousands of transactions per second with ultra-secure ZK-rollups. This innovative approach is attracting attention from both investors and top industry experts alike.
Bitcoin is Turning Old Resistance into Support – Is $150K is Next?
After retracing from its new ATH above $124,000, Bitcoin has found support above its highest-ever daily close at $121,000. Prominent crypto analyst Jelle says that this confirms a bullish trend for the market-leading asset, adding, “lower-timeframe structure remains clear: higher highs and higher lows.”
In an earlier analysis on X, Jelle compared Bitcoin’s price movements to gold, noting both assets have been alternating rallies since mid-2024. He comments that it’s now Bitcoin’s turn to move, noting that there’s a significant gap with gold trading higher. As such, he predicts Bitcoin could hit $150,000 on the next higher-time-frame leg up.
Meanwhile, analyst BitBull mentioned that Bitcoin is facing some selling pressure after reaching a new ATH. He emphasizes that $120,000 is a key support zone; holding above it would confirm the uptrend and pave the way for a rally toward $130,000–$135,000 in the coming weeks.
“One thing I want now is a close above $120K level as it’ll confirm the uptrend. If that happens, alts will rally even higher and BTC could also hit $130K-$135K in Q3,” he wrote.
Old Wallets are Selling Bitcoin
Bitcoin’s old guard is leaving the market and making way for the new guard: institutions, governments, and banks. It’s a sign of asset maturation, but it’s also the reason Bitcoin’s current rallies are incremental rather than vertical.
July saw a major surge in long-term holders selling, with several wallets dormant for over a decade waking up. One was a 14-year dormant wallet that sold over $1 billion worth of Bitcoin in early July, according to Whale Alert on X. What’s wild is that the wallet only spent $7,793 to buy the bitcoins in 2011.
💤 💤 💤 💤 💤 💤 💤 💤 💤 💤 A dormant address containing 10,000 #BTC (1,092,973,486 USD) has just been activated after 14.3 years (worth 7,793 USD in 2011)!https://t.co/hzeryv3B5t
— Whale Alert (@whale_alert) July 4, 2025
However, the trend does seem to be slowing, with Glassnode explaining on X, “BTC profit realization by long-term holders (7D SMA) has slowed in August after a July run consistently above $1B/day – one of the largest profit-taking periods on record.”
And ultimately, while many old whales are selling, there are likely multiple institutional investors for every seller – that’s why the Bitcoin price continues to surge.
Besides Bitcoin ETFs, corporate treasuries worldwide continue to grow – and last week, Trump even introduced new rules that enable pension funds to invest in alternative assets, including cryptocurrency.
So, factoring in that Glassnode’s analysis says the long-term holders’ selling trend is slowing down – it appears that Bitcoin might be gearing up for an even bigger liftoff. And that creates a more opportune outlook for the wider market, with Bitcoin’s growth often dragging other cryptocurrencies with it.
That’s evident with presale Bitcoin Hyper, which has enjoyed a record-breaking week of fundraising this week, clocking over $2 million in inflows.
Bitcoin Hyper Presale Rockets Past $9M Raised – Best Crypto to Buy?
As early adopters appear to be selling their Bitcoin to institutions, Bitcoin Hyper is building its own community of early supporters. The project aims to usher in a new era of transactional capabilities on the Bitcoin network.
If successful, Bitcoin won’t just be for storing wealth – it will be for sending and receiving micropayments, generating yield, using stablecoins, engaging with meme coins, gaming, and potentially operating AI agents.
The project is developing a Bitcoin layer 2 blockchain using Solana Virtual Machine tools and ZK-rollups, a setup expected to maximize speed, support smart contracts, and maintain Bitcoin-level security.
The goal is ambitious, and so experts say it could make Bitcoin Hyper the next big thing in crypto. In a recent YouTube video, Umar Khan called $HYPER “the best crypto presale” and suggested it has the potential for 100x gains.
Investors seem to agree, with the $HYPER presale surging by over $2 million this week and $1 million in the past 48 hours.
Although the presale launched three months ago, over 20% of the total funds raised came in the last week, showing snowballing hype and FOMO. This indicates strong market interest, paving the way for high demand and price growth once $HYPER becomes available on exchanges.
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Editor-in-Chief of CoinCentral and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@coincentral.com
