Bitcoin Price Soars: Near All-Time High After 12% Weekly Surge”
Bitcoin (BTC) is once again generating headlines, as the world's largest cryptocurrency ended the week with a strong rise, gaining about 12% and pushing closer to its all-time high. The increase, spurred by significant institutional buying and Binance futures activity, has revived speculation that a $130,000 breakout is imminent.
The surge comes at the start of "Uptober," a moniker used by crypto traders to highlight Bitcoin's historically strong performance in October. According to CryptoQuant's data, Binance futures taker buy volume has outpaced sell volume by around $1.8 billion this month, indicating aggressive long posture by traders betting on additional rise.
Institutional Demand and Spot Market Signals
Institutional appetite has been a key driver of this rally. Bitcoin has been trading at roughly $92 higher on Coinbase than on Binance, indicating that institutional investors based in the United States are willing to pay more to acquire exposure. Inflows into US spot Bitcoin ETFs have also been strong, with $600 million recorded in a single day and a weekly total of over $2.25 billion. This degree of engagement indicates that the rally is more than just a speculative frenzy, but is also fueled by long-term accumulation.
Market analysts also point out that Bitcoin has remained above its realized price since early 2024, demonstrating strong support from holders who purchased in previous cycles. Even if profit-taking reached $3.7 billion in a single day recently, the market absorbed the selling pressure without reversing into a bearish trend. This resilience demonstrates the extent of present demand.
Futures Market and Technical Indicators
While spot demand is strong, the futures market is also sending bullish signs. Open interest in Bitcoin futures has reached a record $45.3 billion, the biggest level ever. Interestingly, Binance futures funding rates are still neutral to slightly negative, which is rare amid a price spike. Typically, rising prices push funding rates higher, but the current neutrality indicates sustained accumulation rather than over-leveraged speculation.
From a technical standpoint, Bitcoin's Relative Strength Index (RSI) is around 69, still below overbought territory, indicating opportunity for more gains. Price activity shows BTC recovering the $120,000 mark, with strong support at $115,000 and immediate resistance at $126,500. Analysts think that a successful push above this level might lead to a test of $130,000, a level where profit-taking has historically increased.
Why This Matters
The recent spike not only confirms Bitcoin's status as a premier digital asset, but it also mirrors larger trends in mainstream usage. With Wall Street institutions increasingly participating through spot ETFs and options linked to products such as BlackRock's IBIT, retail traders no longer dominate Bitcoin price discovery. This progression indicates a more mature market, although volatility will remain a distinguishing feature.
As Bitcoin approaches record highs, investors and traders alike are waiting to see if this "Uptober" brings another historic milestone. Whether BTC reaches $130,000 or encounters resistance along the road, one thing is certain: the cryptocurrency has regained the world's attention.
Source: This article contains information referenced from Bloomberg, CNBC Crypto World, and Yahoo Finance."
Disclaimer: The information provided in this blog is for general guidance only and is not intended to serve as financial or investment advice. Cryptocurrency investments are highly volatile and risky. Before making any investment decisions, please consult with a certified financial advisor or conduct thorough research. The insights shared here are meant to inform and educate but should not be used as a substitute for professional financial advice.