Bitcoin Nears $120K as Uptober Rally Ignites Crypto Market Surge

     

Bitcoin Hits Seven-Week High on Fed Rate Cut Hopes

Bitcoin (BTC) extended its bullish momentum on Thursday, climbing 4% to $119,450-its highest level in seven weeks-as traders bet on potential Federal Reserve rate cuts and October’s historically strong performance for crypto markets.

The world’s largest cryptocurrency briefly topped $119,000 on Coinbase before cooling slightly to $118,947 at press time, according to TradingView data. This marks the strongest rally since mid-August, when Bitcoin began retreating from its all-time high.

BTC has now broken through key resistance at $117,500, with the critical $120,000 level looming. A sustained breakout above that level could pave the way for fresh price discovery.

The sharp move higher also lifted the total crypto market capitalization by 3.5% to $4.16 trillion, according to CompaniesMarketCap. Bitcoin’s market cap alone hit $2.37 trillion-surpassing Amazon’s valuation.

October’s Bullish History Fuels “Uptober” Optimism

October has long been Bitcoin’s most favorable trading month, earning the nickname “Uptober.” Historical data from CoinGlass shows BTC posted gains in 10 of the past 12 Octobers, reinforcing bullish sentiment among traders this year.

Weak U.S. Labor Data Boosts Rate Cut Expectations

Macroeconomic factors are also driving Bitcoin’s rally. New data from the Bureau of Labor Statistics revealed slowing hiring in August, adding to signs of labor market weakness. Analysts expect this to push the Federal Reserve toward another interest rate cut later this month.

IG market analyst Tony Sycamore noted that the soft ADP employment report and declining consumer confidence “guarantee more Fed rate cuts,” with unemployment likely to edge up to 4.4% in September.

Nick Ruck, director at LVRG Research, added:

“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.”

CME futures now show a 99% probability of a 0.25% rate cut at the Fed’s next meeting on Oct. 29, up from 96.2% earlier this week.

Ethereum, Solana, and Altcoins Join the Rally

While Bitcoin leads the charge, Ethereum (ETH) has surged more than 5% in the past 24 hours, hitting $4,390-its highest since September 22.

Other major altcoins are posting even stronger gains, including Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Hyperliquid (HYPE), all of which have risen over 6% on the day.

The synchronized rally across top crypto assets underscores renewed investor confidence as Uptober unfolds.