Bitcoin Extends Rally to Sixth Straight Day, Hitting Fresh Record High

TradingKey - Bitcoin has climbed for six consecutive trading sessions, briefly surpassing $126,000. Is the peak in sight?  

As of 3 AM Tuesday (October 7) Asia time, Bitcoin surged past $126,000, setting a new all-time high. At press time, the price had pulled back slightly to $124,917.

Bitcoin Price Chart, Source: TradingView.

Over the past six trading days, Bitcoin has advanced nearly 9%, driven primarily by the U.S. government shutdown and the Fed’s interest rate cuts injecting liquidity into markets.

Fabian Dori, Chief Investment Officer at Sygnum Bank, noted that the U.S. political gridlock has heightened investor interest in decentralized assets, while a more accommodative liquidity environment has fueled capital flows into digital assets. But has Bitcoin already peaked?

Greg Magadini, Head of Derivatives at Amberdata, commented, “The market rally has caught many by surprise — we haven’t seen the top yet.” Meanwhile, data from Deribit shows options traders are increasing bets on Bitcoin reaching $140,000.