The month of October, often referred to as “Uptober,” has kicked off with significant momentum. Bitcoin saw a dramatic increase in value on Friday afternoon, swiftly rising from approximately $120,000 to a peak of around $123,855, narrowly missing its all-time high.
Currently, Bitcoin is trading at $122,346 after a slight pullback. It’s up by 1.3% for the day and has surged more than 11% over the past week, as reported by CoinGecko.
The previous record price of $124,128 was established in mid-August, according to CoinGecko. Friday’s price spike represents the closest Bitcoin has come to rekindling that record since then.
In September, Bitcoin dipped below the $108,000 mark as the cryptocurrency began to exhibit “signs of exhaustion,” according to analysts at Glassnode, with long-term holders cashing out and a slowdown in ETF inflows.
Yet, Octoberâdubbed Uptober by tradersâhas commenced with vigor. Historically, nine out of the last ten Octobers have witnessed positive trends for the cryptocurrency market.
Those betting against Bitcoin have faced losses over the last 24 hours, with approximately $153 million in Bitcoin short positions liquidated in that timeframe, according to CoinGlass. In total, about $499 million in crypto positions have been liquidated within the last day, with shorts accounting for $294 million of that total.
Bitcoinâs ascent coincides with rising gold prices and a rebound in U.S. stocks, driven by anticipated interest rate cuts by the Federal Reserve this month. The central bank has been urged by President Donald Trump to reduce borrowing costs this year.
Historically, crypto markets and stocks tend to thrive in low interest rate scenarios. Experts have previously indicated to Decrypt that a reduction in interest rates would likely bolster BTC prices.
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“Bitcoin briefly approached record levels before retreating as traders capitalized on profits,” Joe DiPasquale, CEO of crypto asset management firm BitBull Capital, shared with Decrypt. “The overall market sentiment remains optimistic, and a prolonged government shutdown is likely to continue boosting interest in hard assets, supporting Bitcoin as a viable alternative store of value.”
Throughout this year, Bitcoin has surged significantly, largely attributed to the pro-crypto policies implemented following President Trump’s election and inauguration. The Republican leader has pushed for favorable digital asset regulations, including a proposal for a strategic Bitcoin reserve.
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Nevertheless, when compared to previous cycles, Bitcoin’s price has not experienced the same explosive growth following its quadrennial halving; as its market cap has expanded, it now requires significantly more capital to drive price movements, and overall volatility has decreased since the approval of U.S. Bitcoin ETFs in 2024.
