Bitcoin reached a new all-time high over the weekend, surpassing its previous record set in August.
Why it matters: The surge in Bitcoin’s price comes amid a broader risk rally driven by the US government shutdown and optimism surrounding the historically bullish “Uptober” period for the cryptocurrency.
The details:
- Bitcoin climbed to as high as $125,689 early on Sunday in New York, setting a new record.
- The rise was supported by gains in US equities and renewed inflows into Bitcoin-linked exchange-traded funds.
- Investors speculate that the government shutdown, which began on Wednesday, will drive demand for safe-haven assets like Bitcoin, a trend dubbed the “debasement trade.”
The rally also coincided with record bets in Bitcoin options markets, with the notional open interest on BlackRock’s iShares Bitcoin Trust ETF rising to $49.8 billion on Friday.
What they’re saying:
- “Option market dynamics are likely shaping the underlying market price action more than ever before,” said David Lawant, head of research at FalconX.
- “From here, traders expect to see resistance at $135,000, with $150,000 ‘in sight if momentum holds,'” said Rachael Lucas, analyst at BTC Markets.
However, Lucas cautioned that “with leverage building, any sharp reversal could trigger volatility.”
The background: October, often referred to as “Uptober” by crypto traders, has historically been Bitcoin’s best-performing month, with average gains of about 22.5% over the past decade.
What’s next: Experts note that the recent bullish momentum could attract more retail and institutional investors, but the cryptocurrency’s volatility and broader market trends will be closely watched in the coming days.
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