Bitcoin Hits $126K Amid “Uptober” Rally; Altcoins and Crypto Stocks Gain
Bitcoin (BTC) surged to a new record high of $126,223 Monday, extending its October rally after briefly topping $125,000 on Sunday. BTC currently trades around $125,200, up 1.5% over 24 hours. While technical analysis points to potential upside toward $130,000–$138,000, Deribit CCO Jean-David Péquignot cautioned that overbought conditions could trigger a short-term correction to $118,000–$120,000.
Altcoins also benefited: Ether (ETH) gained 4% to $4,700, while Dogecoin (DOGE) and BNB rose roughly 6%, reflecting broad-market momentum.
Crypto equities were mixed. Robinhood (HOOD) fell 3% after Galaxy Digital launched its GalaxyOne trading platform, while GLXY rose 7%. Mining stocks MARA, RIOT, and CLSK surged ~10%, boosted by bitcoin strength and AI chip deals.
Péquignot described BTC’s rally as a result of a perfect macro storm: the U.S. government shutdown boosting demand for hard assets, strong ETF inflows, and limited BTC supply on exchanges. Technical patterns, including a double-bottom breakout, suggest further upside, though volatility remains likely.
