Bitcoin nears 120,000 dollars in 7 weeks… 'Uptober' rally kicks off

Suehyeon Lee

Summary

Bitcoin price recorded a record high in 7 weeks and surpassed last month's resistance level of 117,500 dollars.
With growing expectations for the October rally 'Uptober', expectations of Fed rate cuts are said to likely have a positive effect on Bitcoin's strength.
Besides Bitcoin, major altcoins such as Ethereum and Solana surged more than 5–6% in a day.

Bitcoin (BTC) price jumped 4% in a day, recording its highest level in 7 weeks.

On Oct. 2 (local time), according to Cointelegraph, Bitcoin rose as high as 119,450 dollars on the Coinbase exchange in early trading and is currently trading around 118,947 dollars. This pushed it past last month's resistance level of 117,500 dollars, and whether it will break past 120,000 dollars going forward is being seen as key.

This surge has increased market expectations for 'Uptober', a period of strong October gains. According to CoinGlass data, Bitcoin has shown gains in 10 out of 12 Octobers.

Moreover, weak employment data recently released by the U.S. Department of Labor has raised expectations for further rate cuts by the Federal Reserve (Fed), which is analyzed to have a positive effect on Bitcoin's strength. In the Chicago Mercantile Exchange (CME) futures market, the probability of a 0.25 percentage-point rate cut at the Fed meeting on October 29 is projected at 99%.

Meanwhile, Bitcoin's rally spread to altcoins: Ethereum (ETH) rose more than 5% in a day to 4,390 dollars, and Solana (SOL), XRP, Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Hyperliquid (HYPE) and others also surged more than 5–6%.

BTC