The encryption markets increased over the past day, and reached its climax at the highest level in seven weeks for Bitcoin with the start of the historic upper month of October.
Bitcoin (BTC) prices have increased by 4 % over the past 24 hours, as the world's leading digital assets reached $ 119,450 on Coinbase in early trading on Thursday, according to TradingView.
This is the highest price of Bitcoin since August 14, seven weeks ago, when she started patching from its highest level ever.
Bitcoin has now wiped the resistance for $ 117,500, but it faces a little more than $ 120,000. A break above this level would clarify the way for new peak prices, but it has been cooled slightly, as it fell to 118,947 dollars at the time of writing this report.
The big step has raised the total market value by 3.5 % to $ 4.16 trillion and renewed feelings and optimism for the month of “Uptober”. This step also led to the maximum Bitcoin market to $ 2.37 trillion, higher than Amazon, according to CompaniesMarkcap.
October is the most month in Bitcoin per year, historically, with gains on 10 of the past 12 Octops, according to Coinglass.
The weak labor market leads to discounts in average
The employment opportunities in the United States increased marginally in August during the decrease in employment, according to the data issued this week by the Labor Statistics Office.
This has led to the constitution of the problems of the labor market, which may cause the federal reserve to reduce interest rates again later this month, an optimistic development of high -risk assets, such as encryption.
“I think at the forefront and the center, it comes to the weak recruitment report, ADP, which followed the printing of the most durable consumer confidence earlier this week, as labor market teams decreased,” Tony Sekammore, IG Market Analyst, told Cointelegraph.
He added that this indicates that unemployment will likely increase from 4.3 % to 4.4 % in September, “ensuring more cuts in interest rates.”
Related to: Federal Reserve Chairman Powell says FOMC is divided into additional price cuts in 2025
“With the weakening of traditional economic indicators, Bitcoin, which exceeds 118,000 dollars, shows its increasing sensitivity to monetary policy expectations and its attractiveness as a hedging against economic uncertainty,” said Nick Rock, director of LVRG Research.
CME futures predictive markets now show a 99 % probability of a 0.25 % rate at the next meeting of the Federal Reserve on October 29, an increase of 96.2 % on Monday.
Altcoins is also on fire
Bitcoin leads the market to the top, but ETHER (ETH) has also achieved more than 5 % a day, prompting prices to $ 4390, which is its highest level since September 22.
Altcoins includes other gains currently Solana (Sol), DOGECOIN (DOGE), Cardano (ADA), Chainlink (Link) and HyperLeeliquid (HYPE), with every 6 % rising per day.
October 1 strikes.
Bitcoin tear.
Mark, tuk.
Next block.
Anthony Boxbrano 🌪 (Appliano) October 2, 2025
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