- Bitcoin reached a new record high of about $126,200 on Monday, continuing its upward trend for October.
- Ethereum and major altcoins, including Dogecoin and BNB, posted strong gains and pushed the broader crypto index higher.
- Crypto-related stocks showed mixed results, with mining companies rising sharply on news of increased AI chip demand.
- Market analysts attributed Bitcoin’s rally to favorable macroeconomic conditions, strong inflows into ETFs, and limited supply on exchanges.
- Technical indicators suggest potential for further gains but also warn of possible short-term price pullbacks.
Bitcoin continued its October rise, setting a new all-time high near $126,200 during the U.S. trading session on Monday. The cryptocurrency’s surge comes amid broader gains across the digital asset market and follows a brief retreat after topping $125,000 the previous day.
The recent rally aligned with a weaker U.S. dollar and saw Bitcoin climb to record levels in other major currencies, surpassing $114,000 in euro terms and $111,000 in Swiss francs, according to TradingView data. Ethereum also rose, reaching $4,700—its highest price in over three weeks—while Dogecoin and BNB token advanced by about 6%. These gains contributed to an increase in the CoinDesk 20 Index, which tracks major digital assets.
Crypto-related stocks responded unevenly. While shares of Robinhood fell 3% following the announcement of Galaxy Digital‘s new trading platform, Galaxy Digital shares rose 7%. Other publicly listed companies connected to crypto, such as Coinbase, Circle, and Strategy, closed about 2% higher. Mining stocks including Marathon Digital, Riot Platforms, and Cleanspark surged around 10%, partly due to news that OpenAI plans to purchase billions of dollars worth of AI chips from AMD, which could also benefit data center demand.
Jean-David Péquignot, CCO of Deribit, said Bitcoin’s rally is being “fueled by a perfect storm of macroeconomic tailwinds.” Péquignot pointed to concerns such as a potential U.S. government shutdown, strong flows into Bitcoin exchange-traded funds, and a reduction in available coins on exchanges as major factors. He described the current market as a “self-reinforcing bull cycle.”
Technical analysis from Péquignot highlights a double-bottom breakout, with short-term targets for Bitcoin between $128,000 and $130,000 and a possible extension to $138,000. He cautioned that the market is in overbought territory, stating: “From here, watch for volatility spikes and any shift in put volume as a red flag for near-term corrections. Bulls have their eyes on $130K+, and bears might find opportunities in overbought squeezes.”
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