Bitcoin Surges Toward Historic $120,000 Milestone: October's Bull Run Begins With 3.2% Jump in 24 Hours
As Bitcoin approaches the $120,000 threshold with impressive gains across all timeframes, October is living up to its reputation as a bullish month for the king of cryptocurrencies. Find out why this surge matters.
Bitcoin Approaches $120,000 Milestone: Strong Performance Continues
The cryptocurrency market is showing signs of awakening, with Bitcoin nearly reaching the $120,000 mark. The king of cryptocurrencies is demonstrating remarkable strength as it approaches its all-time high, while other altcoins like Dogecoin (DOGE) and Cardano (ADA) have also rebounded well. October has historically been a bullish month for Bitcoin, and the current start seems promising. Let's analyze Bitcoin's current situation as of October 2nd.
Bitcoin Price Surges 3.2% in 24 Hours
Bitcoin has accelerated its growth, climbing back above $119,000 overnight. The cryptocurrency is showing impressive performance across multiple timeframes:
- Up 3.2% in 24 hours
- Up 5.6% in one week
- Up 7% in one month
- Up more than 40% in six months
Interestingly, the BTC/ETH pair has increased by 7% over the past month, though showing some weakness in the short term with a 2.3% drop over 24 hours and a 2.8% decline over the week. During this rebound, Ethereum is regaining momentum and outperforming Bitcoin in the very short term.
Bitcoin's Resilience: Limited Corrections During This Cycle
What makes Bitcoin's performance particularly impressive is not just its 700% growth from the market low of around $15,000, but also the limited corrections it has experienced since 2023. According to Glassnode data, BTC has only faced a few corrections (drawdowns) exceeding 20% throughout this cycle.
If the recent correction is truly over, Bitcoin will have only retreated by 13.5% between its all-time high and the recent low of approximately $107,000. In previous bull markets, BTC typically experienced drops of more than 20%. This reduction in downside volatility during bull markets could help attract institutional investors. Indeed, some continue to accumulate, such as Strategy, which recently purchased 196 BTC, and Tether, which strengthened its reserves with 8,888 BTC.
BTC Breaks Through the $117,000 Resistance Level
Bitcoin is currently breaking through key resistance levels. After surpassing $111,000, the cryptocurrency has successfully moved beyond the $117,000 zone. The price could now use the $117,000 level and the bullish moving averages (EMA 9/EMA 18) as support to reach the next resistance level at $123,000.
If the $117,000 support fails to hold, there remains a risk of a drop toward the support at $111,000. Meanwhile, the RSI continues to climb, indicating that short-term momentum favors buyers.
What's Next for Bitcoin?
Bitcoin is accelerating and has surpassed $117,000. If buyers maintain control, BTC could break through $120,000 and approach the resistance at $123,000. Bitcoin is showing strength as it nears its ATH of $124,400, and a bullish acceleration could potentially drive it toward $160,000.
Key Bitcoin News to Watch
- Bitcoin has entered what has historically been a bullish period: October has been positive for the last six years according to Coinglass data.
- Arthur Hayes suggests that France's record deficit could force the ECB to print euros massively, potentially benefiting Bitcoin.
- The TRIL ETF launched by Defiance includes the Magnificent 7 along with BlackRock's Bitcoin fund, showing BTC's growing presence in traditional finance.
- Tether has acquired an additional 8,888 BTC, bringing its total to 78,000 BTC.
As Bitcoin continues its upward trajectory with reduced volatility, both retail and institutional investors are watching closely to see if October will maintain its reputation as a bullish month for the world's leading cryptocurrency.