Bitcoin Surges Past $116K, Altcoins Rally Across Global Markets

Bitcoin has recently surged past $116,000, marking a notable rally with a nearly 7% increase since early September, supported by strong macroeconomic data and market optimism. Despite facing a significant resistance zone between $116,000 and $121,000, Bitcoin's price action is underpinned by increased call options interest and a positive shift in volume bias, suggesting cautious bullish sentiment among investors. The broader cryptocurrency market is also thriving, with altcoins like Dogecoin, PEPE, and Ethereum posting substantial gains, signaling a potential altseason that has reduced Bitcoin's dominance to 55.2%. Crypto stocks have benefited from the rally, with firms such as Galaxy Digital and Circle Internet experiencing double-digit gains, potentially driven by institutional interest and technical breakout signals. Market confidence is further buoyed by expectations of an imminent Federal Reserve rate cut, which has weakened the dollar and increased risk appetite, fueling momentum in Bitcoin ETFs and crypto trading. However, technical indicators warn of overbought conditions and the need for Bitcoin to break through key resistance levels to sustain the upward trend.