Bitcoin surged to a fresh record high over the weekend and held firm in early Asian trading. The move came as risk-on sentiment in U.S. equities spilled over into digital assets. More importantly, the latest rally also reflects a sense of seasonal optimism.
Traders are apparently leaning into Bitcoin’s well-known tendency to outperform in October — a pattern affectionately dubbed “Uptober” by crypto enthusiasts. The self-reinforcing psychology of this historical trend appears to be drawing momentum traders back into the market.
At the same time, speculation is mounting that the U.S. government shutdown could boost demand for hard assets and decentralized stores of value. Some investors see Bitcoin as part of a broader “debasement trade,” alongside Gold, amid concerns about fiscal instability.
Technically, the short-term focus is on 38.2% projection of 74,373 to 124,553 from 108,627 at 125,995. Decisive break above this level would confirm and solidify buying momentum, paving the way toward 61.8% projection at 137,838. For now, the broader outlook remains firmly bullish as long as the 108,627 support holds.
