Crypto markets have experienced a significant rise in the last day, leading to a seven-week peak for Bitcoin as the typically bullish month of October commences.
Bitcoin (BTC) has surged by 4% in the past 24 hours, with the premier digital asset reaching $119,450 on Coinbase during early trading on Thursday, according to TradingView.
This marks the highest price Bitcoin has attained since August 14, seven weeks ago, when it began its correction from the all-time high.
Bitcoin has surpassed resistance at $117,500 but faces additional resistance around the $120,000 mark. A breakout above this threshold could pave the way for new peak prices, although it slightly dipped to $118,947 at the time of writing.
This major movement has increased the total market capitalization by 3.5% to $4.16 trillion, reigniting bullish sentiment for October, often referred to as “Uptober.” Furthermore, Bitcoin’s market cap has risen to $2.37 trillion, surpassing that of Amazon, according to CompaniesMarketCap.
Historically, October has been Bitcoin’s most bullish month, with gains observed in 10 of the last 12 Octobers, according to CoinGlass.
Labor market weakness leads to rate cuts
Data released this week by the Bureau of Labor Statistics indicates that US job openings saw a slight increase in August, while hiring declined.
This ongoing issue in the labor market may lead the Federal Reserve to consider further interest rate cuts later this month, a scenario that would benefit high-risk asset classes like crypto.
“I think the weak ADP employment report, along with a softer consumer confidence reading earlier this week, is front and center, as labor market differentials have reduced,” stated IG market analyst Tony Sycamore in an interview with Cointelegraph.
He noted that this trend suggests that unemployment could rise from 4.3% to 4.4% in September, “ensuring additional Fed rate cuts.”
Related: Fed Chair Powell indicates FOMC division on additional rate cuts in 2025
“As traditional economic indicators weaken, Bitcoin’s rally past $118,000 showcases its growing sensitivity to monetary policy expectations and its role as a hedge against economic instability,” remarked Nick Ruck, director at LVRG Research.
CME futures prediction markets now indicate a 99% chance of a 0.25% rate cut at the Fed’s upcoming meeting on October 29, an increase from a 96.2% probability observed on Monday.
Altcoins are also on fire
While Bitcoin is leading the market ascent, Ether (ETH) has also gained more than 5% today, elevating prices to $4,390, its highest since September 22.
Other altcoins experiencing even more substantial gains at the moment include Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Hyperliquid (HYPE), all of which have risen more than 6% today.
October 1st hits.
Bitcoin rips.
Tick, tock.
Next block.
— Anthony Pompliano 🌪 (@APompliano) October 2, 2025
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