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What Shutdown? Bitcoin Bulls Head Toward $118,000

October 1, 2025Updated:October 1, 2025No Comments3 Mins Read
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What Shutdown? Bitcoin Bulls Head Toward 8,000
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Key factors:

  • Bitcoin is making an attempt to interrupt $118,000 for the primary time since mid-August.

  • US labor market weak spot drives crypto and threat belongings larger regardless of the US authorities shutdown.

  • Any dips are “purchase alternatives,” BTC worth evaluation says.

Bitcoin (BTC) sought six-week highs after Wednesday’s Wall Avenue open as markets shrugged off the US authorities shutdown.

What Shutdown? Bitcoin Bulls Head Toward 8,000
BTC/USD four-hour chart. Supply: Cointelegraph/TradingView

Bitcoin begins October with vary breakout try

Knowledge from Cointelegraph Markets Professional and TradingView confirmed that BTC/USD reached $117,713 following weak US jobs information.

The pair got here inside $150 of beating its September most — doing so would lead it to its highest ranges since Aug. 17.

“Bitcoin is making an attempt to breakout from its Month-to-month Vary already on the primary day of the brand new month of October,” in style dealer and analyst Rekt Capital summarized in his newest commentary on X.

BTC/USD one-month chart. Supply: Rekt Capital/X

US private-sector employment numbers got here in considerably under expectations, turning adverse when estimates had projected a achieve of 45,000 jobs for September.

Labor market weak spot is taken into account a tailwind for crypto because it heightens the chances of interest-rate cuts and thus elevated capital inflows.

The most recent information from CME Group’s FedWatch Device confirmed that markets have been overwhelmingly betting on the Federal Reserve chopping charges by 0.25% at its October assembly.

Fed goal fee possibilities for October FOMC assembly (screenshot). Supply: CME Group

Persevering with, fellow dealer Jelle described BTC worth motion as “pushing via the resistance prefer it isn’t even there.”

“One final thing to ‘fear’ about: a sweep of the September highs. Clear these, and the bears could have little or no leg to face on. Greater,” he informed X followers.

BTC/USD chart. Supply: Jelle/X

Others targeted on potential help retests, with buying and selling account Daan Crypto Trades flagging $112,000 as “key short-term help.”

“Ideally don’t need to see worth re-visit that,” he wrote alongside a chart exhibiting a channel that worth was trying to interrupt via. 

“As much as the bulls to take it from right here, a correct breakout & some each day closes above the channel would sign that is prepared for a transfer to new highs to me.”

BTC/USD one-day chart. Supply: Daan Crypto Trades/X

The brand new US authorities shutdown, in the meantime, did not influence the buoyant temper throughout threat belongings.

Associated: BTC worth due for $108K ping pong: 5 issues to know in Bitcoin this week

Each the S&P 500 and Nasdaq Composite Index opened modestly larger, whereas gold consolidated after hitting its newest new all-time highs earlier within the day.

Commenting, buying and selling firm QCP Capital acknowledged that the shutdown ought to be of little significance.

“On fiscal theatre, a U.S. authorities shutdown ought to be a market non-event past information delays and headline noise,” it argued in its newest “Asia Shade” analysis publish. 

“Important companies proceed, back-pay limits earnings results, and previous episodes haven’t derailed threat belongings.”

BTC/USD vs. S&P 500 one-day chart. Supply: Cointelegraph/TradingView

QCP famous that in the course of the 2018 shutdown, the S&P 500 ended 10% larger.

“Given BTC’s elevated beta to equities, we see shutdown-related dips as purchase alternatives fairly than chasing gap-ups,” it concluded.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.