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Bitcoin (BTC) is starting October on a bullish note, surging to its highest price in seven weeks as optimism about Federal Reserve rate cuts and October’s strong historical performance fuel renewed market momentum. The leading cryptocurrency jumped 4% in the last 24 hours, touching $119,450 on Coinbase early Thursday, before easing slightly to $118,947 at the time of writing. This marks the strongest level for Bitcoin since mid-August, when prices began correcting from their record highs.
With BTC now clearing the $117,500 resistance zone, traders are eyeing the critical $120,000 threshold as the next barrier. A successful breakout above this level could pave the way for fresh peak prices and set the tone for the remainder of October.
Bitcoin Outpaces Major Companies in Market Cap
The rally has pushed Bitcoin’s market capitalization to $2.37 trillion, surpassing Amazon, according to data from CompaniesMarketCap. Overall, the total crypto market capitalization has risen 3.5% to $4.16 trillion, with altcoins also experiencing strong gains alongside Bitcoin.
Historically, October—often nicknamed “Uptober” by the crypto community—has been Bitcoin’s most bullish month of the year. Data from CoinGlass shows BTC has delivered positive returns in 10 of the past 12 Octobers, making traders especially optimistic about the coming weeks.
Fed Rate Cuts Add Fuel to the Rally
Macroeconomic factors are playing a major role in Bitcoin’s latest surge. Recent data from the Bureau of Labor Statistics showed U.S. job openings rose slightly in August, but hiring continued to decline, raising concerns about labor market weakness.
IG market analyst Tony Sycamore noted that weaker hiring trends, alongside soft consumer confidence data, suggest the U.S. unemployment rate could rise from 4.3% to 4.4% in September. According to him, this scenario almost guarantees additional Federal Reserve rate cuts.
Federal Reserve Chair Jerome Powell recently acknowledged that the Federal Open Market Committee remains divided on future rate cuts, but CME futures markets now assign a 99% probability of a 0.25% rate cut at the Fed’s upcoming Oct. 29 meeting—up from 96.2% just days earlier.
Nick Ruck, director at LVRG Research, commented that Bitcoin’s ability to climb above $118,000 highlights its increasing sensitivity to monetary policy shifts. “As traditional economic indicators weaken, Bitcoin’s rally demonstrates its appeal as a hedge against uncertainty and its role as a leading high-risk asset,” he said.
Altcoins Join the Momentum
While Bitcoin led the market higher, major altcoins also surged. Ethereum (ETH) gained more than 5% in the past 24 hours, climbing to $4,390—its highest level since Sept. 22.
Other notable performers include:
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Solana (SOL): Up 6% to $223.18
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Dogecoin (DOGE): Up 6.2% to $0.2532
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Cardano (ADA): Up 6.1% to $0.8522
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Chainlink (LINK): Up 6.4% to $22.63
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Hyperliquid (HYPE): Among the strongest altcoin gainers of the day
This widespread market rally underscores growing investor confidence that October may deliver another period of strong performance for digital assets.
What Comes Next for Bitcoin?
The immediate focus for Bitcoin remains the $120,000 level, a resistance zone that could determine the next major move. Analysts suggest that if BTC breaks above $120K with strong volume, the door opens for new all-time highs later in the quarter.
However, if Bitcoin fails to sustain momentum and retreats below $117,500, short-term traders may take profits, creating a risk of a pullback before the next push higher.
Market observers agree that macroeconomic conditions will play a decisive role. Continued signs of labor market weakness and rising odds of Fed rate cuts could extend Bitcoin’s rally throughout “Uptober.” Conversely, if economic data surprises to the upside and delays easing, Bitcoin may face renewed resistance.
Conclusion
Bitcoin’s surge to $119,450 highlights the combined impact of historical seasonality and macroeconomic catalysts. With October historically being its strongest month, optimism is high that BTC could challenge and even surpass $120,000 soon.
For now, traders and investors will be watching both Federal Reserve policy developments and Bitcoin’s ability to hold critical support levels. If the bullish momentum continues, Uptober may once again live up to its name, potentially marking the start of another powerful leg in Bitcoin’s ongoing bull market.
