Cryptocurrency markets have experienced a significant rise in the past day, marking a seven-week peak for Bitcoin as the typically bullish month of October commences.
Bitcoin (BTC) has surged by 4% in the last 24 hours, reaching $119,450 on Coinbase during early trading on Thursday, according to TradingView.
This represents the highest value Bitcoin has attained since August 14, seven weeks prior, when it began to correct from its all-time high.
Bitcoin has surpassed resistance at $117,500 but faces additional challenges at the $120,000 mark. A breakout above this level could open the door for new price peaks, although it has slightly retreated to $118,947 at the time of this writing.
This significant upward movement has increased the total market capitalization by 3.5% to $4.16 trillion, rekindling optimism for a bullish month dubbed “Uptober.” Additionally, Bitcoin’s market cap has risen to $2.37 trillion, surpassing that of Amazon, according to CompaniesMarketCap.
Historically, October is Bitcoin’s most favorable month, with gains recorded in 10 of the last 12 Octobers, according to CoinGlass.
Labor market weakness leads to rate cuts
US job openings saw a slight increase in August, even as hiring decreased, according to data released this week by the Bureau of Labor Statistics.
This situation has exacerbated labor market difficulties, potentially prompting the Federal Reserve to implement further interest rate cuts later this month, a scenario favorable for high-risk asset classes like cryptocurrencies.
“The weak ADP employment report is central to this, following a softer consumer confidence report earlier this week, which indicates a decline in labor market differentials,” IG market analyst Tony Sycamore told Cointelegraph.
He noted that this signals an expected increase in the unemployment rate from 4.3% to 4.4% in September, “ensuring more Fed rate cuts.”
Related: Fed Chair Powell indicates FOMC is divided on potential rate cuts in 2025
“As traditional economic indicators deteriorate, Bitcoin’s rise past $118,000 highlights its growing responsiveness to monetary policy projections and its value as a hedge against economic turmoil,” said Nick Ruck, director at LVRG Research.
CME futures prediction markets now indicate a 99% likelihood of a 0.25% interest rate reduction at the Fed’s next meeting on October 29, up from a 96.2% probability observed on Monday.
Altcoins are also surging
While Bitcoin is at the forefront of the market’s ascent, Ether (ETH) has also gained over 5% today, reaching $4,390, its highest since September 22.
Other altcoins experiencing even greater gains include Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Hyperliquid (HYPE), all of which have risen by more than 6% today.
October 1st hits.
Bitcoin rips.
Tick, tock.
Next block.
— Anthony Pompliano 🌪 (@APompliano) October 2, 2025
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