Crypto history was made today, Oct. 6, as Bitcoin smashed a new all-time high of $125,600, continuing a trend that started in April when it bottomed at $74,570.
Summary
- Bitcoin price soared to a new all-time high on Monday.
- Spot Bitcoin ETFs have had substantial inflows this year.
- There is optimism that the Fed will start to cut interest rates.
Bitcoin (BTC) jumped as Wall Street investors piled into the coin, as evidenced by soaring inflows into spot ETFs. Data show that spot BTC ETFs have crossed $60 billion in inflows, with their total assets jumping to $164 billion.
BlackRock’s IBIT ETF neared the $100 billion mark, making it the fastest fund to hit that threshold. It has also become the company’s most profitable ETF. Other funds by companies like Fidelity, Grayscale, and Ark Invest have continued to grow.
The coin’s surge has also mirrored the performance of gold, which has jumped to a record high. Many investors, including those at BlackRock, view Bitcoin as a digital version of gold because of its strong demand and falling supply.
Bitcoin’s price has continued soaring as the options market turned highly bullish. SoSoValue data show that call open interest surged to a record high of $25.16 billion, while puts stood at $11.2 billion.
BTC price has also soared after the Federal Reserve started cutting interest rates in September. Bitcoin and other risk assets often perform well when the Fed is cutting rates. Odds of further cuts have risen after last Wednesday’s ADP jobs numbers and as the government shutdown continues.
Bitcoin price technical analysis
BTC price chart | Source: crypto.news
The weekly chart shows that the coin has remained above the 50-week and 100-week Exponential Moving Averages, a sign that bulls remain firmly in control.
The coin has moved above the upper side of the bullish flag pattern. It is also attempting to move above the strong pivot, reverse point of the Murrey Math Lines indicator.
Therefore, Bitcoin’s price will likely continue rising as bulls target the ultimate resistance at $150,000. A move above that level will point to more upside toward the extreme overshoot at $175,000.
On the other hand, a move below the top of the trading range at $112,500 will invalidate the bullish forecast.