Crypto Milestone: Bitcoin Surpasses $125,600—Is $150,000 Next?
A significant milestone in crypto history was reached today, October 6, as Bitcoin achieved a new all-time high of $125,600, continuing a rally that began in April when it hit a low of $74,570.
Summary
- On Monday, Bitcoin’s price surged to a new all-time record.
- Spot Bitcoin ETFs have seen significant inflows this year.
- There is growing optimism that the Federal Reserve will begin lowering interest rates.
Bitcoin (BTC) surged as Wall Street investors flocked to the cryptocurrency, highlighted by a remarkable rise in inflows into spot ETFs. Recent data indicates that spot BTC ETFs have surpassed $60 billion in inflows, with total assets climbing to $164 billion.
BlackRock’s IBIT ETF is approaching the $100 billion milestone, making it the fastest fund to reach that level and also the company’s most profitable ETF. Other funds from notable firms such as Fidelity, Grayscale, and Ark Invest continue to show growth.
This spike in Bitcoin’s price parallels the recent gains in gold, which has reached a new record high. Many investors, including those at BlackRock, consider Bitcoin a digital counterpart to gold due to its strong demand and diminishing supply.
The surge in Bitcoin’s price is also reflected in the options market, which has turned significantly bullish. Data from SoSoValue shows that call open interest soared to a record of $25.16 billion, contrasted with puts at $11.2 billion.
The BTC price has continued to rise following the Federal Reserve’s decision to cut interest rates in September. Historically, Bitcoin and other risk assets tend to perform well when the Fed is reducing rates. The likelihood of further rate cuts has increased in light of last Wednesday’s ADP jobs report and the ongoing government shutdown.
Bitcoin Price Technical Analysis
BTC price chart | Source: crypto.news
The weekly chart indicates that the coin has consistently stayed above the 50-week and 100-week Exponential Moving Averages, suggesting that bullish momentum is strong.
Bitcoin has surpassed the upper boundary of the bullish flag pattern and is making an effort to break above the critical pivot point indicated by the Murrey Math Lines.
As a result, Bitcoin’s price is likely to keep ascending, with bulls targeting a resistance level at $150,000. A breakout above this point could lead to further gains toward the extreme target of $175,000.