Bitcoin surged past $116,000, with a daily gain of 3% even though the U.S. Government officially went into shutdown. It was its first in 2018. A political impasse in the US over healthcare funding could lead to 750,000 furloughed federal employees and cost $400 million per day. Yet risk assets are able to shake off initial nerves.
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Crypto’s overall market cap rose by 3%, to $4.09T. Bitcoin led and gained dominance, from 57% up to 59%. This structure, say analysts, tends to lead to more lasting rallies than altcoins-led ones.
Gold’s sprint to fresh records near $3,875–$3,895/oz underlined the flight-to-safety backdrop, but BTC’s two-day rebound from $112,000 suggests buyers are treating macro uncertainty as a dip-buying opportunity.
BTC's daily chart shows a price trend to the upwards. Source: BTCUSD on Tradingview
Bitcoin ETF inflows “Uptober” The Bull-Flag setup and tailwinds
U.S. ad fuels the rally Bitcoin ETFs Net inflows of $3.53 billion were recorded in September. This was topped on the 30th by $429.9 millions (BlackRock Ark Fidelity led).
As funding levels return to normal, open interest is stable and leverage returns after a decline in BTC, the data from on-chain and derivates indicate a healthy market.
The technical analysts see a bullish flag that has been in place for several weeks, with the current price pushing up against its upper limit. This pattern is similar to those seen prior to previous impulse moves. The market is also favored by seasonality, as “Uptober” After a strong September, the performance is expected to be consistent.
Pavel Durov, Telegram’s Pavel, even revived long term optimism by reaffirming that a target of $1 million BTC was driven by fixed supplies versus printing money, which is a sentiment seen often during mid-cycle growth.
Bitcoin: Key levels to watch out for
The near future Bitcoin The resistance level is approximately $117,500. A clear reclaim and daily close above this level could pave the way toward $119,300–$120,300, with a psychological target near $ 120,000.
Heatmaps of order-books indicate that there is a significant shortage in liquidity from $118,000 to $119,000, or about $7 billion. This could lead to a tightening situation if the level was broken.
On the downside, bulls aim to defend the $114,800–$115,200 zone first, then the $112,000 pivot identified before the bounce; below that, there’s a larger liquidity pocket at $107,000–$108,000 (roughly $8 billion in long liquidations).
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Analysts MN van de Poppe, Ted PillowsThen, Daan Crypto Trades Most investors agree to the same strategy. Hold $112,000; break above $117.500 and let momentum move toward new heights into Q4.
BTCUSD Chart from Tradingview. Cover Image from ChatGPT.
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Source: www.newsbtc.com
