“Uptober” is Crypto’s historically bullish moon wordplay in October Pushed towards a new all-time high, Altcoins also received bids.
The BTC surged to a fresh record of $126,223 during the US trading session after temporarily retreating over $125,000 on Monday. BTC recently changed its hands to around $125,200, up 1.5% over the past 24 hours.
The dollar’s weakness led the rally to a new high, but the biggest code now surpasses the January peak at over 106,000 euros in euro conditions, surpassing the January peak at mid-August peak (99,642 CHF);
Bitcoin’s strengths have expanded throughout the crypto market. Ethereum’s Ether 4% reached $4,700, achieving the strongest price in over three weeks, surpassing the significant market Coindesk 20 index. Popular Meme Coin Layer-1 Network BNB Native Token closely related to Exchange Giant Binance, earning 6%-6%.
Crypto Stocks recorded mixed results on Monday, with retail trading platform Robinhood (Hood) down 3% after Galaxy Digital, a new crypto trading platform that reflects Robinhood’s core products, unveiled Galaxyone. The announcement has led to a 7% increase in Galaxy Digital (GLXY). This is because investors bet on the company’s moves to compete directly in the crypto securities sector.
Elsewhere, crypto chain companies, including Coinbase (Coin), Circle (CRCL), and Michael Saylor’s parent company strategy (MTSR), all closed about 2% higher. Their performance coincided with broader profits in the crypto market, which showed that most ciphers saw a modest upward movement in the Coindesk 20 index.
The biggest profit came from mining stocks. This surged with news that Openai has signed a deal to buy hundreds of billions of dollars worth of AI chips from AMD. The agreement could allow Openai to offer a 10% stake in the chip maker.
Marathon Digital (Mara), Riot Platforms (Riot) and CleanSpark (CLSK) each achieved around 10%. This was driven by optimism about data center demand, and perhaps further boosted by Bitcoin rallies earlier in the day.
The perfect storm for BTC
The Bitcoin rally is “fueling the perfect storm of the macroeconomic tail,” said Jean David Pequinott, CCO of Delibit, the options trading venue that Coinbase (Coin) recently acquired.
The US government closure has driven fase humiliation trading on perceived hard assets such as gold and BTC, and a strong influx into BTC ETFs combined with the exchange’s reduced spot supplies supplying a “self-enhancing bull cycle,” he said in an update Monday.
The technology is higher, he added, adding that BTC’s double bottom breakout could be up to $138,000, referring to a short-term target of $128,000-$130,000. However, he also warns of conditions that he is currently purchasing too much, suggesting that a short shakeout from $118,000 to $120,000 is still possible.
“From here, monitor the volatility spikes and the shift in putt volume as a red flag for short-term corrections,” Pekenaud said. “The Bulls are looking at over $130,000, and bears may find opportunities to squeeze overbuying.”