Bitcoin’s value escalated by 4% to $119,450, marking its highest price in seven weeks as expectations for interest rate cuts by the Federal Reserve and October’s historical bullish trends positively influenced the cryptocurrency market.
Bitcoin (BTC) achieved this impressive milestone on Coinbase during early trading on Thursday, as reported by TradingView. This increase signifies a rebound from a correction that had begun on August 14.
The digital currency has surpassed resistance at $117,500, with potential hurdles still present at the $120,000 threshold. A successful breach above this barrier could pave the way for even higher prices, though at the writing time, it adjusted slightly to $118,947.
The surge has contributed to an overall market capitalization increase of 3.5%, reaching $4.16 trillion, while Bitcoin’s market cap is now $2.37 trillion, overtaking Amazon, as stated by CompaniesMarketCap.
Historically, October has been Bitcoin’s strongest month, recording gains in 10 of the last 12 years, according to CoinGlass.
Labor Market Conditions Influence Rate Cuts
US job openings subtly increased in August, yet hiring saw a decline, according to recent data from the Bureau of Labor Statistics. This situation is fueling concerns regarding the labor market, which may lead the Federal Reserve to cut interest rates in the near future, benefiting high-risk assets such as cryptocurrencies.
Tony Sycamore, a market analyst at IG, highlighted the connection between the weak employment report and the likelihood of rate cuts, predicting a rise in unemployment from 4.3% to 4.4% in September, ensuring further rate cuts by the Fed.
Nick Ruck, Director at LVRG Research, pointed out that Bitcoin’s recent rise past $118,000 indicates its heightened responsiveness to shifts in monetary policy and its growing status as a safeguard against economic uncertainty.
Now, CME futures markets reflect a 99% chance of a 0.25% rate cut during the Fed’s meeting on October 29, rising from a previous 96.2% just days before.
Altcoins See Similar Growth
While Bitcoin leads the market upward, Ether (ETH) has also enjoyed a rise of over 5%, reaching $4,390, its highest since September 22. Other altcoins like Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Hyperliquid (HYPE) have all increased by more than 6% today.
October 1st hits.
Bitcoin rips.
Tick, tock.
Next block.
— Anthony Pompliano 🌪 (@APompliano) October 2, 2025
