Bitcoin (BTC) has surged above $114,000 during Monday's trading session, marking a significant recovery after dropping below $109,000 last Friday. The rally appears driven by improving macroeconomic conditions and seasonal factors as investors anticipate Bitcoin's historically strong October performance.
Crypto markets are responding to favorable macroeconomic conditions, particularly lower interest rates across Western economies, which are simultaneously driving gold and stock indices to record highs. The timing coincides with the transition from September's typical market weakness to October - commonly referred to as "Uptober" due to Bitcoin's historical tendency for substantial gains during this month.
Major cryptocurrencies including Ethereum (ETH), XRP, and Solana (SOL) have all gained approximately 4% over the past 24 hours, outperforming traditional assets. Gold reached another record high at $3,850 per ounce with a 1.2% gain, while the Nasdaq advanced 0.8%.
Crypto-related stocks showed strong performance with Coinbase (COIN) rising 5.7% and Circle (CRCL) gaining 7.7%. Bitcoin mining companies, which suffered significant losses last week, experienced substantial rebounds. IREN and Cipher Mining (CIFR) both increased 4%, while MARA Holdings surged 8% higher.
Paul Howard, senior director at Wincent trading firm, noted institutional and retail investor support at the $110,000 level from those who missed earlier buying opportunities. "While downside risks persist until clearer macroeconomic trends emerge, we're seeing solid support at current levels," Howard stated.
Market strategist Joel Kruger of LMAX Group emphasized Bitcoin's strong seasonal patterns, noting that BTC has delivered average October returns of 22% since 2013, with November historically generating even stronger gains of 46%. "Combined with this year's significant regulatory and adoption milestones, these seasonal factors could propel Bitcoin to challenge previous record highs before year-end," Kruger added.