The cryptocurrency markets have experienced a significant surge in the last 24 hours, marking a seven-week high for Bitcoin as the traditionally strong month of October begins.
Bitcoin (BTC) has soared by 4% in the past day, reaching $119,450 on Coinbase during early Thursday trading, according to TradingView.
This price point is the highest Bitcoin has seen since August 14, when it began to correct from its all-time peak.
Bitcoin has successfully surpassed resistance at $117,500 but encounters additional resistance around the $120,000 mark. A breakthrough here could open the pathway to new peak prices, though it has slightly retraced to $118,947 as of this writing.
This substantial movement has lifted the total market capitalization by 3.5% to $4.16 trillion, rekindling optimism for a bullish month labeled “Uptober.” Bitcoin’s market capitalization has also risen to $2.37 trillion, surpassing that of Amazon, according to CompaniesMarketCap.
Historically, October stands as Bitcoin’s most bullish month, with price increases noted in 10 of the previous 12 Octobers, according to CoinGlass.
Weakness in the labor market prompts potential rate cuts
According to data released this week by the Bureau of Labor Statistics, US job openings saw a slight increase in August while hiring dropped.
This ongoing issue in the labor market might lead the Federal Reserve to consider additional interest rate cuts later this month, a scenario that would be favorable for riskier asset classes like cryptocurrency.
“The weak ADP employment report played a significant role in this, following a softer consumer confidence metric earlier this week, which showed declines in labor market differentials,” noted IG market analyst Tony Sycamore in an interview with Cointelegraph.
He indicated this suggests unemployment could rise from 4.3% to 4.4% in September, making “more Fed rate cuts likely.”
Related: Fed Chair Powell mentions FOMC division on prospective rate cuts in 2025
“As traditional economic indicators show weakness, Bitcoin’s advance past $118,000 highlights its increasing responsiveness to monetary policy expectations and its role as a hedge against economic uncertainty,” commented Nick Ruck, director at LVRG Research.
CME futures prediction markets currently indicate a 99% likelihood of a 0.25% rate cut at the Fed’s upcoming meeting on October 29, rising from a 96.2% probability noted on Monday.
Altcoins also see significant gains
While Bitcoin leads the charge, Ether (ETH) has increased by over 5% today, reaching $4,390, its highest since September 22.
Several altcoins are experiencing even more substantial gains, including 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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