Bitcoin surged to $120,132 on Thursday, marking its highest stage in seven weeks as October’s “Uptober” rally gathered steam. The cryptocurrency gained 4% in 24 hours, breaking via resistance at $117,500 and urgent in opposition to the symbolic $120,000 mark.
At this stage, Bitcoin’s market capitalization rose to $2.37 trillion, surpassing Amazon’s worth, whereas the broader crypto market swelled to $4.16 trillion.
The rally spilled into altcoins, with Ethereum, Solana, Cardano, and Dogecoin climbing 5–6% in sympathy. Analysts level to expectations of Federal Reserve price cuts as a key driver. Softer U.S. labor information has fueled hypothesis that policymakers could ease financial situations later this month, boosting Bitcoin’s attraction as a hedge in opposition to financial uncertainty.
Crypto Leap
With U.S. fiscal uncertainty brewing, capital traditionally seeks refuge in crypto, and the chart reveals it.
During the last 7 days:
• $SOL +6.7%
• $ETH +6.5%
• $BTC +4.1%
• $XRP +3.4%
Spaghetti chart confirms majors pulling forward whereas macro rigidity builds.… pic.twitter.com/Gv5CfQuMnP— BB Terminal (@BB_Terminal) October 1, 2025
October has traditionally been considered one of Bitcoin’s strongest months, and merchants are betting the pattern might proceed. Breaking decisively above $120,000 would open the door for one more leg increased, doubtlessly towards all-time highs if momentum holds.
CME Plans 24/7 Futures by 2026
Including to the optimism, the CME Group introduced plans to launch 24/7 buying and selling for Bitcoin and Ethereum futures and choices by early 2026, pending regulatory approval. At the moment, CME halts crypto futures buying and selling over weekends, a mismatch with international markets that function 24/7.
The shift is designed to satisfy rising institutional demand for steady danger administration. Tim McCourt, CME’s international head of equities and different merchandise, stated the transfer ought to improve market effectivity, scale back arbitrage gaps, and strengthen liquidity.
CME Group is taking crypto futures and choices 24/7 beginning early 2026
The change says demand from shoppers to handle danger “day by day of the week” retains rising, and crypto is the proper testing floor for round the clock markets. pic.twitter.com/blAzbQbewM— Satoshi Membership (@esatoshiclub) October 2, 2025
Analysts imagine this may cement Bitcoin’s function in mainstream finance, encouraging extra hedge funds and asset managers to take part. Institutional adoption has lengthy been a catalyst for Bitcoin worth progress.
By aligning with the 24/7 nature of digital property, CME might speed up that pattern and supply recent liquidity for each spot and derivatives markets.
Sweden Weighs Bitcoin Reserve, Bearish Sample Emerges
In the meantime, Sweden is contemplating becoming a member of the ranks of countries exploring Bitcoin reserves. Lawmakers Dennis Dioukarev and David Perez have proposed a nationwide reserve constructed from seized Bitcoin, arguing it could shield the nation from inflation and geopolitical dangers.
The concept aligns with broader worldwide discussions, with the U.S. additionally analyzing Bitcoin’s function as a strategic asset.
A nationwide Bitcoin reserve in Sweden might set a precedent throughout Europe, reinforcing the asset’s credibility and doubtlessly sparking new institutional inflows.
From a technical perspective, nevertheless, warning stays warranted. Bitcoin’s present rally is forming a Bearish Butterfly sample, with the Potential Reversal Zone (PRZ) projected between $128,000 and $130,000. Whereas momentum stays bullish within the quick time period, this harmonic construction warns of potential promoting strain at increased ranges.
- Help ranges: $117,000, $113,500, $106,900
- Resistance targets: $124,600, $128,000–$130,000 (PRZ)
A clear breakout above $124,600 might pave the way in which towards the PRZ, however overbought RSI situations recommend the chance of a pullback will increase the nearer Bitcoin will get to $130,000. A failure to carry $117,000 might expose deeper helps at $113,500 and $106,900.
Bitcoin is forming a Bearish Butterfly sample.
Resistance: $124.6K, PRZ $128K–$130K
Help: $117K / $113.5K / $106.9K
Momentum seems to be bullish quick time period, however warning: danger of reversal grows as worth nears the PRZ. #BTC #Crypto pic.twitter.com/C4r5rWUm5B— Arslan Ali (@forex_arslan) October 3, 2025
For merchants, the outlook is obvious: Uptober momentum is powerful, institutional demand is rising, and international coverage shifts are supportive. However the technical image advises warning at increased ranges, because the rally nears a zone the place profit-taking might emerge.
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The publish Bitcoin Value Prediction: $120K Uptober Rally Sparks Bullish Momentum however Bearish Sample Looms appeared first on Cryptonews.