Bitcoin has stormed past recent resistance, climbing to its strongest level in seven weeks and igniting fresh optimism for October’s crypto market rally — www.naijnaira.com reports.
According to Cointelegraph, the leading cryptocurrency spiked to $119,450 on Coinbase early Thursday, marking its highest point since mid-August when a correction pulled it down from previous highs.
The surge carried Bitcoin beyond the $117,500 barrier, though traders are now watching the $120,000 level as the next crucial test for further upside.
At the time of writing, Bitcoin eased slightly to $118,947, but the momentum remains firmly tilted in favor of the bulls.
The rapid upswing lifted the overall crypto market cap to $4.16 trillion, while Bitcoin’s valuation alone soared past $2.37 trillion, overtaking Amazon in the process.
October’s history of gains continues to add to the optimism, with data showing Bitcoin has posted growth in 10 of the last 12 years during this month.
“This move shows how strongly Bitcoin reacts to monetary policy expectations while reinforcing its hedge status against economic uncertainty,” said Nick Ruck of LVRG Research.
Analysts point to softer U.S. labor data and expectations of further Federal Reserve rate cuts as key drivers of the latest crypto rally.
“Unemployment is likely to edge higher, which all but guarantees more Fed rate cuts,” explained Tony Sycamore, market analyst at IG.
CME’s futures market now prices in a 99% chance of a quarter-point cut at the Fed’s October 29 meeting, an increase from earlier this week.
Altcoins also gained traction, with Ether climbing above $4,390 for the first time in over a week.
Solana, Dogecoin, Cardano, Chainlink, and Hyperliquid all surged more than 6% in 24 hours, adding fuel to the broad rally across digital assets.
Article updated 22 minutes ago. Content is written and modified by multiple authors.
