The crypto market has surged over the past day, culminating at a seven-week high for Bitcoin, as the historically bullish month began in October.
Bitcoin (BTC) prices have skyrocketed 4% in the last 24 hours, with world-leading digital assets reaching $119,450 on Coinbase in early trading on Thursday.
This is the best price we’ve reached since August 14th, seven weeks before Bitcoin began fixing from an all-time high.
Bitcoin is currently clearing resistance at $117,500, but is facing a little more at the $120,000 level. A break above this level would clear the path to new peak price, but at the time of writing it cooled slightly and retreated to $118,947.
The big moves have led to a total market capitalization rising 3.5% to $4.16 trillion, renewing the “Up-Two” bullish moon sentiment and optimism. The move also marked Bitcoin’s market capitalization of $2.37 trillion compared to Amazon’s market capitalization.
According to Coinglass, October has historically and historically profited from the last 12 Octobers, making its most bullish month for Bitcoin.
The weakness in the labor market leads to interest rate reductions
U.S. job openings rose slightly in August, but jobs fell, according to data released this week by the Bureau of Labor Statistics.
This has made labor market problems permanent. This could encourage the Federal Reserve to cut interest rates again later this month. This is a bullish development for risky asset classes such as crypto.
“I think the front and centers have something to do with the weaker ADP employment report following the softer consumer trust version of the labor market declined earlier this week,” IG market analyst Tony Sycamore told Cointelegraph.
He added that this suggests that unemployment rates are likely to rise from 4.3% to 4.4% in September.
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“As traditional economic indicators weaken, Bitcoin rallies have exceeded $118,000, indicating their appeal as an increased sensitivity to monetary policy outlook and hedge against economic uncertainty.”
The CME Futures Forecast Market presents a 99% chance of a 0.25% rate reduction, up from 96.2% chance of Monday at the Fed’s next meeting on October 29th.
Altcoins are on fire too
Bitcoin leads the market a higher, but Ether (ETH) also scores more than 5% per day, pushing up to $4,390, the highest level since September 22nd.
Other altcoins that are currently seeing even higher profits include Solana (Sol), Dogecoin (Doge), Cardano (ADA), ChainLink (Link) and Hyperquid (hype), all up over 6% on the day.
A hit on October 1st.
Bitcoin lip.
Tick, tock.
Next block.
– Anthony Pompliano🌪 (@Apulteriano) October 2, 2025
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