‘Uptober’ Kicks Off With Bitcoin Near 7-Week High at $120K
Bitcoin has ignited renewed bullish optimism as “Uptober” begins, surging 4% to touch $119,450 its highest level in seven weeks. This rally, fueled by growing expectations of Federal Reserve rate cuts and October’s reliably positive crypto seasonality, has lifted total market capitalization and set an upbeat tone for the month.
Bitcoin Price Surges to $120,000, Faces Key Resistance
On Thursday, Bitcoin spiked above $119,400 on major exchanges, marking its strongest performance since mid-August a period that saw the world’s largest crypto correct from its all-time high of $124,500. BTC has now cleared stiff resistance at $117,500 and briefly challenged the symbolic $120,000 level, before settling near $119,000 at the time of writing. If Bitcoin can close decisively above $120,000, analysts say it may open the runway for new all-time highs this October.
Bullish Tailwinds: Fed Rate Cuts and October Seasonality
Several macro and historical factors are converging to support the latest Bitcoin rally:
- October strength: The month is historically Bitcoin’s most bullish, with the asset recording gains in 10 of the past 12 Octobers.
- Federal Reserve outlook: Weak US labor data, declining hiring, and slumping consumer confidence are fueling expectations of imminent Fed rate cuts. CME prediction markets now imply a 99% probability of a 0.25% cut at the Fed’s October 29 meeting, further bolstering risk sentiment in crypto.
- Safe-haven demand: Uncertainty around the US government shutdown and global economic risks is driving fresh capital into Bitcoin, which has outperformed amid turbulence and passed Amazon in total market cap.
“As traditional economic indicators weaken, Bitcoin’s rally past $118,000 demonstrates its increasing sensitivity to monetary policy outlooks and its appeal as a hedge against economic uncertainty,” said Nick Ruck, director at LVRG Research.
Altcoins Rally Alongside Bitcoin
The crypto upswing isn’t limited to Bitcoin major altcoins are drawing strong bids as well:
- Ethereum (ETH): Up 5% to $4,390, marking a two-week high.
- Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Hyperliquid (HYPE): All up over 6% on the day.
Analysts highlight sustained ETF inflows, mid-sized investors accumulating BTC, and robust technical readings as further signs of a strengthening market.
Market Outlook: Next Levels to Watch
- Immediate resistance: $120,000–$122,000 remains the next hurdle. A breakout could unleash new highs; failure to hold could prompt a retest of support at $117,000–$115,500.
- Optimism for Q4: With Bitcoin in a seasonally favorable period and liquidity returning, expectations are building for a strong close to 2025 provided institutions and retail remain engaged.
- Volatility ahead: Despite bullish signals, traders are mindful of overbought conditions and risk of short-term profit-taking, especially with leverage and long interest at elevated levels.
As Uptober unfolds, all eyes are on Bitcoin’s critical $120,000 level. If history and recent momentum hold true, crypto markets could be primed for more fireworks in the weeks ahead.
