Bitcoin Breaks $126K Barrier Amid Macro Tailwinds; Ether, DOGE, BNB Rally

Bitcoin Hits Record $126K as “Uptober” Spurs Broad Crypto Rally

Bitcoin (BTC) surged to a fresh all-time high of $126,223 on Monday, extending October gains after briefly surpassing $125,000 on Sunday. BTC currently trades near $125,200, up 1.5% in the last 24 hours. While the rally points to potential targets above $130,000–$138,000, Deribit CCO Jean-David Péquignot warns that overbought conditions could trigger a short-term pullback to $118,000–$120,000.

Altcoins also gained traction: Ether (ETH) climbed 4% to $4,700, while Dogecoin (DOGE) and BNB rose around 6%, highlighting broad-market momentum.

Crypto equities were mixed. Robinhood (HOOD) dropped 3% after Galaxy Digital unveiled GalaxyOne, a new trading platform, while GLXY rose 7%. Mining stocks MARA, RIOT, and CLSK rallied about 10%, supported by AI chip deals and BTC strength.

Péquignot cited a perfect storm of macro factors fueling BTC’s rally: U.S. government shutdown uncertainty boosting demand for hard assets, strong ETF inflows, and shrinking exchange supplies. Technical patterns, including a double-bottom breakout, suggest continued upside, though traders should watch for short-term volatility.