“Uptober” kicks off with Bitcoin’s price spiking to $123,855, just shy of the all-time high. Currently trading at $122,346, it’s up 1.3% for the day and 11% for the week, per CoinGecko. The previous record of $124,128 was set in August, with Friday’s spike the closest since then.

Bitcoin saw a drop to $108,000 in September as long-term holders sold and ETF flows slowed. However, October, known as Uptober, has started strong, with traders optimistic. Over the last 10 years, 9 have been positive for Bitcoin, with shorts losing $153 million in the past 24 hours.

Bitcoin’s rise coincides with gold and U.S. stocks jumping on hopes of a Federal Reserve interest rate cut. Historically, crypto markets perform well in a low-interest environment. Experts predict BTC’s price will benefit from lower rates. President Trump’s pro-crypto policies have also contributed to Bitcoin’s surge this year.

Despite near-record highs, Bitcoin retreated as traders took profits. The overall outlook remains bullish, with a prolonged government shutdown expected to drive interest in hard assets and support Bitcoin as a store of value. President Trump’s support for the industry has also fueled Bitcoin’s rise.

Read more at Yahoo Finance: Bitcoin Rockets to Nearly $124K, But Falls Short of Breaking Record