Uptober in full swing: Bitcoin climbs to 7-week high near $120,000

Uptober in full swing: Bitcoin climbs to 7-week high near $120,000

Bitcoin is up about 4% today at $119,450, touching a seven-week high. The latest high came Thursday morning when BTC hit $119,450, breaking through $117,500 and setting the course for more bullish highs. The price is currently trading slightly lower at around $118,947.

The entire cryptocurrency market has reacted to expectations of a Fed rate cut and the traditional October bullish trend that has been confirmed in recent years. Thanks to Bitcoin’s strong performance, the total market capitalization has increased by about 3.5% to $4.16 trillion, while Bitcoin’s capitalization has climbed to about $2.37 trillion, more than some prominent companies, including Amazon.

October is historically the most bullish month for Bitcoin; CoinGlass statistics show that BTC has already posted gains nine out of the last 12 Octobers. As a result, markets are now eagerly awaiting predictions of a rate cut at the upcoming Fed meeting on October 29. According to CME futures, the probability of a 0.25% cut is now around 99%, significantly higher than on Monday.

Altcoins are also making gains. Ether (ETH) rose to around $4,390, its highest level since September 22, with Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK) and Hyperliquid (HYPE) leading the way, all posting double-digit daily gains of over 6%.

Summary:

The uptober continues in the market, with Bitcoin holding above the key 118k-120k threshold, and October a historically strong month for BTC promises further significant developments. If $120,000 is broken, further performance targets may open, but pressure around the 118k level remains a key point to watch, Coingarage says.

*This is not an investment recommendation.

The Coingarage Team