New Day, New Bitcoin Record: What's Next for BTC Price?

Bitcoin has once again reached a new all-time high, briefly exceeding $121,000 and stabilizing around $120,500. The price is up 2.54% today, and the strong trend that started earlier this month continues. However, is this rise sustainable, or is a slowdown approaching?
Key indicators suggest that the trend may not yet be over.
Holders are not taking profits yet
The Adjusted Spent Output Profit Ratio (aSOPR) is currently at a level of 1.03, significantly below the levels that aggressive profit-taking at the beginning of July 2025 pushed much higher. This time, while Bitcoin is reaching new peaks, traders seem to prefer holding rather than selling.

This situation suggests that the coins moving on-chain are not being sold for large gains, which implies that the rally is not overheated.