“Uptofe”, the word game on Crypto’s historic bullish month in October, so far lives up to its name as Bitcoin Pushed against new all-time highs and altcoins also caught a bid.
After short spiking over $ 125,000 and retired on Sunday, BTC followed through Monday and waved to a fresh record of $ 126,223 during the US trade session. BTC changed hands around $ 125,200 recently, an increase of 1.5% over the last 24 hours.
While the dollar’s weakness has helped rally to new heights, the largest crypto has now squeezed to new heights in euro-terms crossing EUR 106,000 and surpassing its peaks in January while breaking its middle August top in Swiss franc (99,642 CHF), TradingView data shows.
Bitcoin’s strength stretched over the crypto market. Ethereums ether Advanced 4% to hit $ 4,700, its strongest price in more than three weeks, which led the broad market Coindesk 20 index higher. Popular Memecoin and the native token of the layer-1 network bnb Close to Exchange Giant Binance, won 6%-6%.
Crypto shares released mixed results on Monday, with Retail Platform Robinhood (Hood) dropping 3% after Galaxy Digital revealed Galaxyone, a new Crypto Trading Platform that mirrors Robinhood’s core offering. The message sent Galaxy Digital (GLXY) shares 7%as investors are focusing on the company’s steps to compete directly in the Crypto Brokerage space.
Elsewhere, Crypto-connected companies, including Coinbase (Coin), Circle (CRCL) and Michael Saylor’s parent company strategy (MTSR), all approx. 2% higher. Their performance in line with wider winnings in the crypto market, where the Coindesk 20 index showed that most cryptos looked modest upward movements.
The biggest gains came from mining, which rose on news that Openai made an agreement to buy tens of thousands of billions worth of AI chips from AMD. The deal could give Openai up to a 10% share in the chipmaker, a step that sent ripples through other AI-exposed sectors.
Marathon Digital (Mara), Riot Platforms (Riot) and Cleanspark (CLSK) each got about 10%, driven by optimism around demand for data center and possibly increased further at Bitcoin’s Rally earlier in the day.
Perfect Storm for BTC
Bitcoin’s rally is “driven by a perfect storm of macroeconomic tail winds,” said Jean-David Péquignot, CCO of Deribit, the options traded recently acquired by Coinbase (Coin).
The US Government’s shutdown driver down -based trades for perceived hard assets such as gold and BTC, strong influxes for BTC ETFs combined with diminishing spot supplies on the stock exchange feeding a “self -reinforcing bull cycle,” he said in a Monday update.
The technical points also higher, he added, with BTC’s double-bound breakout, pointing to short-term target of $ 128,000- $ 130,000, with a possible upside to $ 138,000. However, he also warned of currently overborning conditions, suggesting that a short shaking to $ 118,000- $ 120,000 is still possible.
“From here, look for volatility tips and any shift in put volume as a red flag for short-term correction,” Péquignot said. “Bulls have their eyes of $ 130k+, and bears may find options in overbought clamp.”
