Bitcoin's Big Week: What's Pushing the Crypto Market?

Bitcoin has been on a wild ride. It recently soared past $106, 000, crossing a key long-term support level. This level, called the 365-day moving average, is around $102, 444. But there's a twist: a small gap in the Chicago Mercantile Exchange (CME) data around $104, 170. This gap happened due to weekend trading. Historically, these gaps tend to close, so the price might drop back to that level soon. The market mood is optimistic. Why? Because there's hope that the U. S. government shutdown might end soon. This news has boosted crypto-related stocks. Companies like Galaxy Digital, IREN, and Cipher Mining are seeing gains. Galaxy Digital is up by 5%, IREN by 7%, and Cipher Mining by 5%. Even companies with big bitcoin holdings, like Strategy and Metaplanet, are doing well. Strategy is up by 3%, and Metaplanet closed 3% higher. It's not just crypto making waves. Gold has jumped by 2%, and silver is close to hitting $50. The U. S. dollar is steady, and 10-year Treasury yields are back above 4. 1%. But here's a fun fact: Mondays have been rough for the market lately. Over the past month, they've seen negative returns. But this Monday was different. It started on a high note, thanks to bitcoin's rally. So, what's the big picture? Bitcoin's rise is good news for crypto stocks. But there's always some uncertainty with those CME gaps. And the broader market is also showing some interesting moves. It's a lot to keep track of, but one thing is clear: the crypto world is always full of surprises.