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Highlights:
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Bitcoin is attempting to surpass $118,000 for the initial time since mid-August.
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The weakness in the US job market boosts cryptocurrencies and other riskier assets despite the US government shutdown.
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Any declines are “buying chances,” BTC price assessment indicates.
Bitcoin (BTC) aimed for six-week peaks after Wednesday’s Wall Street opening as markets disregarded the US government shutdown.
Bitcoin initiates October with a range breakout attempt
Insights from Cointelegraph Markets Pro and TradingView indicated that BTC/USD climbed to $117,713 following disappointing US employment statistics.
The pair approached $150 shy of surpassing its September peak—achieving this would propel it to its highest points since August 17.
“Bitcoin is striving to break out from its Monthly Range already on the inaugural day of the new month of October,” noted renowned trader and analyst Rekt Capital summarized in his recent analysis on X.
US private-sector employment figures came in significantly lower than anticipated, recording a loss when forecasts had predicted an increase of 45,000 jobs for September.
Weakness in the labor market is seen as a positive factor for crypto as it raises the likelihood of interest-rate reductions, leading to higher capital inflows.
The latest information from CME Group’s FedWatch Tool revealed that markets were largely wagering on the Federal Reserve lowering rates by 0.25% in its October meeting.
Continuing, fellow trader Jelle described BTC price movement as “breaking through the resistance as if it’s nonexistent.”
“One final concern to ponder: a sweep of the September peaks. Clear those, and the bears will have very little to rely on. Upward,” he stated to X followers.
Others concentrated on potential support tests, with trading account Daan Crypto Trades highlighting $112,000 as “critical short-term support.”
“Ideally, we don’t want to see prices return to that level,” he noted alongside a chart indicating a channel that prices were attempting to break through.
“It’s up to the bulls to take charge now; a proper breakout and some daily closes above the channel would indicate readiness for a move to new heights for me.”
The new US government shutdown, meanwhile, did not diminish the optimistic sentiment across risk assets.
Related: BTC price expected for $108K fluctuations: 5 aspects to grasp in Bitcoin this week
Both the S&P 500 and Nasdaq Composite Index opened slightly higher, while gold stabilized after reaching its latest new all-time highs earlier in the day.
In remarks, trading company QCP Capital mentioned that the shutdown is likely to be of minimal significance.
“In the realm of fiscal concerns, a U.S. government shutdown should be a market non-event beyond data delays and headline clutter,” it asserted in its latest “Asia Color” research update.
“Vital services remain operational, back-pay mitigates income impacts, and previous shutdowns have not derailed risk assets.”
QCP observed that during the 2018 shutdown, the S&P 500 concluded 10% higher.
“Considering BTC’s heightened responsiveness to equities, we interpret shutdown-related dips as purchasing opportunities rather than pursuing gap-ups,” it finalized.
This article does not constitute financial advice or recommendations. Every investment and trading action carries risk, and readers should perform their own investigations when making choices.
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