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The crypto market wakes up today in record-setting territory. Bitcoin hit a new record high of over $126,000, while other cryptocurrencies like XRP, Ethereum and Dogecoin are also doing well during what is being called the "Uptober" period.
The macro situation is still looking good: the U.S. is in a political deadlock over funding the government, and there are renewed shutdown fears, which is pushing capital toward non-sovereign assets. The U.S. dollar is a bit weaker and liquidity indicators are indicating risk-on.
Bitcoin eyes $150,000 after record high
Bitcoin broke through $126,223, setting another all-time high and currently trading near $123,529 after a minor dip. Exchange balances are currently at a six-year low of around 2.83 million BTC, suggesting heavy accumulation and declining sell pressure.
Analysts point to derivatives markets, where bullish positioning is building. Popular setups include call spreads targeting $130,000 to $145,000 strike zones.
Macro tailwinds provide the context. The U.S. government is at a standstill as politicians could not agree on new funding, reducing confidence in treasuries and increasing hedging via alternative assets like crypto. That is one of the main reasons for Bitcoin products to receive around $3.55 billion in flows alone last week.
Some predict $150,000 by October, but there are doubts. This is partially because Satoshi-era Bitcoin wallets have resurfaced to take profits as, just recently, a dormant address that had 691 BTC moved its funds into circulation after more than 10 years.
Event of the day: Ripple moves $610 million XRP
Outside of Bitcoin, the biggest story is all about XRP. Ripple moved 200 million XRP, which is about $610 million, to an external wallet.
The timing lined up with XRP's price steady at between $2.96 and $3.05, an area that has been crucial as $3.10 is still the key resistance point. Clearing that could open the door to $3.20 to $3.50 for XRP, and some traders are already talking about targets as high as $5.
That is a bit risky, but it is not totally off the wall, especially with XRP investment products pulling in $219.4 million last week — a 235% surge that put it just behind Bitcoin and Ethereum.
The ascending support trendline around $2.80-$2.90 is still the safety net, and Ripple's own treasury maneuvering makes this the event of the day, with direct effects on both supply and sentiment.
Chart of the day: Shiba Inu (SHIB) faces survival questions
The biggest meme coin on Ethereum and once the star of the crypto show, Shiba Inu (SHIB), continues its battle for relevancy. Trading at $0.00001257, little has changed from previous sessions for SHIB, but the story is not about price ticks — it is about the split between activity on-chain and the confidence of its holders.
Over the past two days, transactions spiked by 70%, a rare burst of activity, yet the number of wallets holding the Shiba Inu coin fell for the first time in almost two years, and trading volumes slid by about 32% too.
On the chart, SHIB is locked in a narrow band with support at $0.0000109 and resistance at $0.0000140. The transaction surge has left candles stacking in tighter formation, while volume divergence hints that a bigger move may be near.
The setup is binary — a close above $0.0000140 could unleash a fresh retail wave, while a drop under $0.0000109 risks breaking the two-year uptrend base. This razor-edge balance between revival and breakdown is what earns SHIB the chart of the day for today.
Evening crypto outlook
As we head into the U.S. session, BTC is holding firm at around $123,000, with resistance at $128,000 and everyone talking about the $150,000 number if ETF inflows continue at the same pace.
Aside from the main cryptocurrency, there are some interesting stories in the altcoin space.
Thus, Dogecoin surged by 6% after its creator made a meme about Bitcoin's new high, MetaMask unveiled a $30 million rewards program connected to its future token and the Linea network, and Plume jumped by 31% after securing SEC transfer agent status.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team