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Bitcoin price nearly hit a new all-time high during “Uptober,” spiking to $123,855 before retreating; the move was driven by ETF momentum, $153M of short liquidations, and rate-cut hopes amid the U.S. government shutdown, boosting BTC demand as a potential store of value.
Bitcoin spiked to $123,855, just shy of its $124,128 record.
Short squeezes wiped out $153 million in BTC shorts; $499 million in crypto positions liquidated in 24 hours.
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October strength (Uptober), ETF flows, and rate-cut expectations supported gains; CoinGecko and CoinGlass data cited.
Bitcoin price neared record highs in Uptober—$123,855 peak—driven by ETF demand, liquidations, and rate-cut hopes. Read the analysis and what traders should watch next.
What is driving the Bitcoin price surge in Uptober?
Bitcoin price gains in early October reflect a mix of ETF-driven buying, macro hopes for Federal Reserve rate cuts, and technical momentum from traders. Short liquidations accelerated the rally, while gold and U.S. equities also rallied on similar rate-cut expectations.
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How close did Bitcoin come to its all-time high?
Bitcoin briefly peaked at $123,855 before pulling back to roughly $122,346, falling just short of the record $124,128 set in mid‑August, per CoinGecko. The intraday squeeze represented the nearest attempt to a new high since the August peak.
| Metric | Value |
|---|---|
| Intraday spike (Uptober) | $123,855 |
| Prior all-time high | $124,128 |
| Recent trading price | $122,346 |
| 7‑day change | +11% (CoinGecko) |
| 24‑hour liquidations | $499M total; $153M shorts (CoinGlass) |
Why did liquidations accelerate during the spike?
Short sellers were squeezed as prices ran higher, producing rapid margin calls. CoinGlass data show $153 million in BTC short liquidations in 24 hours, contributing to the momentum and amplifying the intraday gain.
How are macro forces supporting Bitcoin right now?
Expectations of U.S. Federal Reserve rate cuts combined with a government shutdown have created a risk-on environment for certain assets and renewed interest in hard assets. Market participants previously noted that lower rates and ETF adoption can support BTC demand.
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Frequently Asked Questions
Did Bitcoin set a new all-time high during this rally?
No. The highest intraday price reached $123,855, which fell short of the $124,128 all-time high recorded in mid‑August, according to CoinGecko data.
How significant were the liquidations during the spike?
Liquidations totaled roughly $499 million across crypto in 24 hours, with $153 million in Bitcoin short positions closed, per CoinGlass — a material contributor to the rapid price move.
How should investors interpret Uptober strength?
Uptober’s early surge signals renewed appetite for BTC amid favorable ETF flows and macro expectations, but investors should weigh volatility, market cap scaling effects, and on‑chain metrics before acting.
Key Takeaways
- Near‑record spike: Bitcoin peaked at $123,855, just under the $124,128 ATH.
- Liquidations fueled momentum: $153M in BTC short liquidations amplified the move.
- Macro and ETF support: Rate‑cut hopes and ETF inflows are key drivers; monitor Fed signals and ETF flow data.
Conclusion
Bitcoin’s Uptober rally brought the market within striking distance of its previous all‑time high, driven by ETF-related demand, sizable short squeezes, and macro rate‑cut expectations. Watch price levels, liquidation metrics, and Fed guidance closely as traders gauge whether BTC will attempt another ATH soon. Published by COINOTAG; updated 2025-10-03.
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