Bitcoin surged to a new record of $123,770 during the Asian trading session on August 14, extending its record-setting momentum from earlier in the week.
The move followed a rebound from Monday’s high of $122,200 and reinforced the prevailing bullish sentiment. However, profit-taking and short positioning in the European session pulled BTC down to an intraday low near $121,100, marking a 1.2% daily loss. Despite the pullback, week-to-date performance remains up 2.25%, while month-to-date gains have topped 5%. Sentiment indicators remain optimistic, with the Binance Fear and Greed Index rising to 68 (“greed”) from last week’s neutral levels, suggesting potential for a push toward the $125,000 psychological mark.
Market structure and sentiment signals
On-chain and derivatives data show mixed signals. The Relative Strength Index (RSI) at 64 suggests there’s still room for additional upside before overbought conditions set in. Meanwhile, the long/short ratio slipped to 1.210, indicating some traders are locking in profits and opening new short positions. Elevated institutional activity also supports the bullish case, with 75% of Coinbase’s volume reportedly coming from institutional trades — a historically positive signal.
Drivers of recent gains
Analyst Anton Kharitonov pointed to several catalysts for the latest rally. These include continued institutional and corporate BTC accumulation, pro-crypto policy momentum from the Trump administration — notably the executive order enabling 401(k) crypto allocations — and macroeconomic tailwinds from a weaker U.S. dollar alongside rate-cut expectations.
Kharitonov stated:
"I expect some consolidation, but the bulls will remain in control. The price may reach $125,000 by the end of the week."
Inflows into spot Bitcoin ETFs remain strong, while valuation metrics such as energy-value models suggest potential upside targets as high as $167,000. Together, these factors have created an environment where short squeezes, corporate treasuries, and ETF demand reinforce bullish momentum.
Recently we wrote that Bitcoin price extended its record-setting momentum earlier on Thursday, August 14, as the Asian session saw the flagship cryptocurrency reach a fresh all-time high of $123,770 on Binance.
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