Bitcoin Soars Above $126K as Macro Forces Align; Ether, DOGE, BNB Surge

Bitcoin Hits New Highs as “Uptober” Momentum Drives Crypto Rally

Bitcoin (BTC) continued its October surge, reaching a fresh record of $126,223 during Monday’s U.S. session. The cryptocurrency briefly spiked past $125,000 on Sunday and recently traded around $125,200, up 1.5% in 24 hours. While the rally points to potential gains above $130,000, Deribit CCO Jean-David Péquignot warns of possible short-term pullbacks to $118,000–$120,000.

Altcoins followed suit, with Ether (ETH) climbing 4% to $4,700, and Dogecoin (DOGE) and BNB rising 6%, reflecting broad market strength.

Crypto equities were mixed: Robinhood (HOOD) slipped 3% after Galaxy Digital launched GalaxyOne, while GLXY gained 7%. Mining stocks led gains, with MARA, RIOT, and CLSK up ~10%, fueled by AI chip deals and bitcoin momentum.

Péquignot attributes BTC’s rally to a “perfect storm” of macro factors: U.S. government shutdown risk boosting hard-asset demand, strong ETF inflows, and dwindling spot supplies. Technicals show double-bottom breakout targeting $128K–$130K, with upside potential to $138K, though overbought conditions could trigger a brief correction.