3 Bitcoin Charts Bulls Are Watching After BTC’s Weekly All-Time High Close

Key Points:

• Bitcoin logged its strongest weekly close ever at $123,500, signaling renewed bullish dominance.

• Futures data and onchain metrics confirm high trader conviction above $122,000, with most holders in profit.

• Analysts are eyeing whether BTC sustains momentum toward $130K–$135K or cools off through a short-term pullback.

Bitcoin Enters a New Phase of Price Discovery

Bitcoin has officially entered uncharted territory. The world’s largest cryptocurrency closed last week at $123,500, its highest weekly finish in history, cementing bullish control over market structure and sentiment.

After rising nearly 12% in the past two weeks, Bitcoin briefly touched an all-time high near $125,800 before consolidating. This milestone underscores growing investor appetite for hard assets amid ongoing macro uncertainty, and it reinforces Bitcoin’s resilience as it navigates both fiscal and market headwinds.

Market analysts now point to three key charts that reflect the state of Bitcoin’s current uptrend — from structural momentum to derivatives positioning and onchain profitability — each offering a clue about whether BTC’s next move will be another breakout or a cooling phase.

1. Structural Momentum Signals Bulls in Control

Bitcoin’s structural momentum remains firmly in bullish territory. According to Axel Adler Jr., a Bitcoin researcher tracking trend analytics, BTC’s price remains pressed against the upper boundary of its 21-day Donchian channel at around $125,200, while its structure shift composite sits at +0.73 — a clear sign that buyers continue to dominate.

Historically, sustained positioning near the upper Donchian band reflects a strong trending phase, where pullbacks tend to be shallow and controlled. The key test for bulls now lies in whether Bitcoin can defend the $122,000–$123,000 zone, which has become short-term structural support.

As long as BTC remains above this threshold, analysts suggest the current uptrend could extend toward the next psychological target at $130,000.

2. Futures Flow Index Shows Heavy Bull Pressure

Derivatives data also reinforces the bullish case — albeit with a note of caution. Bitcoin’s Futures Flow Index stands at 96%, a level typically associated with overheated but sustained bull trends. Price currently trades well above the 30-day fair value of $117,500, suggesting speculative flows are pushing prices into premium territory.

In previous cycles, such high futures readings have preceded short-term cool-offs as funding rates normalize and leverage resets. However, underlying open interest remains robust, and liquidations on pullbacks have been relatively limited — a sign of disciplined long positioning rather than euphoria-driven risk-taking.

The Profit/Loss Block Score, another onchain metric that measures aggregate UTXO profitability, remains at its maximum reading of +3, indicating that nearly all active wallets are in profit. This supports continued dip-buying behavior, a trend seen during strong bull markets.

3. Short-Term Holder MVRV Reaches Key Inflection Zone

The short-term holder MVRV ratio, which tracks unrealized profit relative to market value, is now approaching its +1σ band near $133,000. This level has historically served as both a profit-taking zone and a potential signal of short-term exhaustion.

Analysts caution that if the MVRV metric continues climbing without a reset, the market could face a mean reversion pullback toward $118,500–$120,000, where several exponential moving averages (EMAs) converge. Such a retest would likely attract sidelined buyers looking for entry opportunities while keeping the broader uptrend intact.

Alternatively, if Bitcoin consolidates within a tight range between $122,000 and $124,000, it could be setting up a volatility compression phase — the calm before another leg higher.

Momentum or Reversion? The Market Awaits Confirmation

For now, the technical balance favors the bulls. Bitcoin’s higher-timeframe structure, strong onchain profitability, and sustained derivatives demand all point to continued upward bias.

Still, traders are watching closely for signs of trend fatigue or liquidity sweeps, which often occur after record closes. A deeper dip below $118,000 could open the door to a broader correction — but as long as Bitcoin holds above that threshold, the primary trend remains intact.

With macro pressures mounting and institutional demand through Bitcoin ETFs continuing to grow, the next few weeks could determine whether BTC extends its climb toward $135,000 or pauses for consolidation. Either way, the charts suggest that bulls remain firmly in control of the narrative.