On Monday evening, Bitcoin made history again, breaking through the $127,000 mark. First, the price reached $127,035, and then quickly jumped to $127,253 — marking the second record of the day.
The new surge came right after Sunday’s breakout above $125,000. By Monday, Bitcoin had gained another 4% during the session and more than 33% since the start of the year, according to Reuters.
This jump is happening against the backdrop of a weakening dollar. The trade policy of Donald Trump and the tariffs imposed on US partners are creating uncertainty, causing investors to move away from dollar assets. Although the dollar index held at 98.09 on Monday, it has already dropped almost 10% since January.
Against this backdrop, crypto is once again attracting new buyers looking to move money outside the dollar. The founder of Professional Capital Management Anthony Pompliano wrote on Monday:
‘Bitcoin is the yield benchmark. If you can’t beat it — you just have to buy it. I think the next 12 weeks will be very fun for holders.’
Traders bet on $140,000: options, ETFs, and futures fuel the rally
The push to a new record was triggered by a dip below $110,000 just over a week ago. As senior analyst Trade Nation David Morrison writes, ‘Bitcoin surged after briefly dropping below $110,000.’ Since September 28, it has gained about 13%.
According to Morrison, the daily MACD turned sharply upward — this may indicate strong momentum, but also hints at a possible pause before the next move.
Meanwhile, on Deribit there is active growth in short-term options expiring at the end of the year. The most popular calls have a strike at $140,000. Interest in puts is also rising: some traders are hedging against a pullback while still betting on growth.
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Spot buying remains the main driver of the rally. Just last week, 12 US Bitcoin ETFs saw inflows of $3.2 billion — the second largest since their launch in 2024. According to Bloomberg, on Friday iShares Bitcoin Trust by BlackRock set a record for open interest — $49.8 billion.
The derivatives market is also seeing renewed activity. Perpetual futures and fixed-term contracts for Bitcoin have surged. Total open interest on exchanges reached $75 billion — led by Binance and CME. The mass closing of shorts amid the price rally highlights just how strong this rally has been.
Minimal liquidations lay the groundwork for prolonged growth
Unlike previous surges, this time liquidations were minimal — in the past 24 hours, only $283 million was wiped out from the market. At the end of September, during a sharp price drop, almost $2 billion in one day was liquidated. Back then, it was one of the biggest events of the year, according to Coinglass.
Analysts believe the growth could continue if the macroeconomic environment remains unchanged.
‘If everything goes smoothly — with no unexpected data or surprises from regulators — we could see a strong run through the end of the year,’ says Adam McCarthy, analyst at Kaiko.
October is traditionally considered a strong month for Bitcoin. Over the past 10 years, it has averaged 22.5%, according to Bloomberg. That’s why traders have nicknamed it ‘Uptober’.
Other cryptocurrencies are also rising. ETH added about 5%, climbing to $4,700, XRP rose slightly above $3. The rally also supported gold — the precious metal hit a new record, exceeding $3,900 per ounce.
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The stock market also joined in. S&P 500 rose by 0.36% and closed at 6,740.28. Nasdaq added 0.71%, ending the day at 22,941.67. Dow Jones, on the other hand, fell by 63.31 points (–0.14%) due to declines in Sherwin-Williams and Home Depot. The Russell 2000 index exceeded 2,500 for the first time in history, closing at a record 2,486.36 (+0.4%).
