Bitcoin Breaks Records as “Uptober” Boosts Crypto Market
Bitcoin (BTC) surged to a new all-time high of $126,223 during Monday’s U.S. session, extending its October rally. After briefly topping $125,000 on Sunday, BTC currently trades near $125,200, up 1.5% in 24 hours. Analysts at Deribit note that while upside toward $130,000–$138,000 remains possible, a short-term pullback to $118,000–$120,000 could occur due to overbought conditions.
Altcoins mirrored the rally: Ether (ETH) rose 4% to $4,700, while Dogecoin (DOGE) and BNB climbed roughly 6%, highlighting broad-market momentum.
Crypto stocks posted mixed results. Robinhood (HOOD) fell 3% after Galaxy Digital launched GalaxyOne, while GLXY gained 7%. Mining stocks MARA, RIOT, and CLSK surged ~10%, fueled by AI chip deals and bitcoin strength.
Deribit CCO Jean-David Péquignot cited a perfect macro storm driving BTC: U.S. government shutdown risk, strong ETF inflows, and limited spot supply on exchanges. Technical patterns, including a double-bottom breakout, support continued gains, though volatility could produce short-term corrections.
