Bitcoin price prediction: BTC extends six-day winning streak after record high

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Sholanke Dele

06.10.2025

Bitcoin price prediction: BTC extends six-day winning streak after record high — BTC sustains six-day rally near ATH

Bitcoin price began the week trading slightly lower on Monday, October 5, after setting a new all-time high at $125,780 on Sunday.

The cryptocurrency has now posted five consecutive days of gains since the beginning of October, rising more than 10% during that stretch. As of the European session on Monday, Bitcoin is trading near $124,000, up 0.5% for the day as traders monitor whether the pullback from Sunday’s peak will develop into a deeper correction or simply serve as a pause before another leg higher.

- Bitcoin trades near $124,000 after hitting new all-time high Sunday.

- RSI above 70 shows strong momentum while traders monitor potential correction.

- Long-short ratio recovery hints at renewed optimism after five-day winning streak.

The rally that carried Bitcoin to new highs has been particularly notable given the broader market backdrop. Last Friday, Bitcoin options worth $3.36 billion expired, and the max pain level for those contracts stood at $115,000, suggesting a bearish bias. Yet, Bitcoin defied those expectations, closing that session firmly higher. The ability to rally through such heavy expiry pressure highlights sustained buying interest and strong demand for exposure to the asset.

Bitcoin price dynamic (Aug - Sept 2025). Source: Tradingview

From a technical perspective, the structure of the uptrend remains intact. The breakout above the previous record at $124,500 confirmed a continuation of the bullish momentum that began on October 1. The daily RSI, however, has now climbed above the 70 threshold, placing Bitcoin in overbought territory for the first time since July. This reading points to strong momentum but also warns that price could be vulnerable to short-term consolidation if profit-taking emerges.

Bitcoin long/short ratio rebound reflects gradual return of trader optimism

Positioning data provides a nuanced view of sentiment. During the early stages of the rally, the long-to-short ratio declined, reflecting trader scepticism. Since the all-time high on Sunday, the ratio has recovered from 0.97 to 1.05, showing a gradual shift back toward optimism even as price eased slightly. On the sentiment side, Binance’s Fear and Greed Index has edged to 58, a near greed reading that still reflects a balanced tone rather than outright euphoria.

Looking ahead, the immediate focus turns to whether Bitcoin can hold above the key support at $122,000, which marks Sunday’s low. A retest of this area could attract dip buyers, especially if momentum indicators reset from overbought levels. On the upside, the previous record at $124,500 has now become near-term resistance. A clear move back above that threshold would likely reassert bullish control and open the path toward another record high beyond $125,780.

Overall, Bitcoin’s performance in early October reflects a powerful uptrend supported by strong buying flows, tempered by overbought conditions and moderate sentiment. The sustainability of this rally now hinges on how the market digests recent highs and whether profit-taking gives way to renewed accumulation at lower levels.

We discussed Bitcoin holding support near $120,000 as options expiry threatened short-term upside. Traders are eyeing the $115,000 level as dealer positioning pressured Bitcoin’s outlook.

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