{"id":50800,"date":"2025-10-02T17:01:43","date_gmt":"2025-10-02T17:01:43","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=50800"},"modified":"2025-10-02T17:01:43","modified_gmt":"2025-10-02T17:01:43","slug":"bitcoin-hits-120k-with-traders-eyeing-bullish-october-rally","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=50800","title":{"rendered":"Bitcoin Hits $120K With Traders Eyeing Bullish October Rally"},"content":{"rendered":"
\n

Bitcoin (BTC) broke above $120,000, a level not seen since mid-August, as traders position for a bullish October for risk assets.<\/p>\n

The token has been climbing steadily over the past five days, recovering from a late September pullback. Analysts point to renewed optimism around macroeconomic tailwinds that could boost risk assets in the final quarter of the year.<\/p>\n

In the derivatives market, BTC futures are flashing bullish signals<\/a> with open interest reaching a record high of $32.6 billion, suggesting traders are positioning for further upside. On-chain analyst Skew noted<\/a> that short positions are also piling up, which could create an opportunity for a short squeeze.<\/p>\n

Traders will be particularly focused on the next Fed meeting at the end of this month, which could happen without access to a fresh jobs report amid the government shutdown. Treasury Secretary Scott Bessent told CNBC on Thursday that the shutdown could further weaken the economy<\/p>\n

\u201cWe could see a hit to the GDP, a hit to growth and a hit to working America,” he said.<\/p>\n

Though historically the impact of a government shutdown on the economy has been minor, President Donald Trump\u2019s threat to fire roughly 750,000 federal workers could have an effect in the current climate.<\/p>\n

Appetite for crypto could also be fueled by hopes for an incoming altcoin season as several applications for altcoin-related spot exchange-traded funds (ETFs) will likely see approval once the government reopens.<\/p>\n

Canary Capital\u2019s Litecoin ETF is due for a response today with others facing deadlines between Oct. 10 and 24. The Securities and Exchange Commission (SEC), however, confirmed<\/a> on Wednesday that it will not review any applications during the shutdown.<\/p>\n

Similar to bitcoin, altcoins were trading higher over the past 24 hours, led by dogecoin (DOGE) which was up nearly 3%. The CoinDesk 20 Index, which tracks the performance of the 20 largest crypto assets, is 1.5% higher over the same period.<\/p>\n

Paul Howard, senior director of crypto trading firm Wincent, was skeptical earlier this week about bitcoin’s rebound, but he flipped bullish seeing the strength of the past days’ advance.<\/p>\n

“With $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion,” he noted. “We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000.”<\/p>\n

“I believe we are now set to see a sustained rally above $120,000 in the coming weeks,” he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) broke above $120,000, a level not seen since mid-August, as traders position for a bullish October for risk assets. The token has been climbing steadily over the past five days, recovering from a late September pullback. Analysts point to renewed optimism around macroeconomic tailwinds that could boost risk assets in the final quarter […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-50800","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/50800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50800"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/50800\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}