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What was the shutdown? Bitcoin Bulls Head Toward $118,000

Bitcoin By
Analyst Warns Bitcoin Treasury Strategy Faces 'Far Shorter' Lifespan
Analyst Warns Bitcoin Treasury Strategy Faces 'Far Shorter' Lifespan

The following are key points.

  • Bitcoin is trying again to surpass $118,000, the highest level since mid-August.

  • Crypto and risk assets are higher due to the US shutdown, despite the weakening of US labour markets.

  • Dips can be used for any occasion. “buy opportunities,” BTC Price Analysis says

BitcoinBTCAfter Wednesday’s Wall Street opening, the markets ignored the US Government shutdown.

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Bitcoins start October with breakout attempts

Data from Cointelegraph Markets Pro You can also find out more about the following: TradingView After weak US job data, BTC/USD jumped to $117.713.

The pair came within $150 of beating its September maximum — doing so would lead it to its highest levels since Aug. 17.

“Bitcoin is trying to breakout from its Monthly Range already on the first day of the new month of October,” Rekt capital is the popular trading and analysis firm. summarized His latest comment on X.

BTC/USD one-month chart. Source: Rekt Capital/X

US employment data in the private sector came out significantly lower than expected.

Labor market weakness It is a positive for the crypto market as this increases the chances of interest rate cuts, and therefore increased capital flows.

CME Group: Latest data FedWatch Tool Markets were betting heavily on the Federal Reserve to cut rates by 0.25% during its October meeting.

Fed’s target rates for the FOMC October meeting (screenshot) Source: CME Group

Jelle continued by describing the BTC market as “pushing through the resistance like it isn’t even there.”

“One last thing to ‘worry’ about: a sweep of the September highs. Clear those, and the bears will have very little leg to stand on. Higher,” He told X Followers

BTC/USD chart. Source: Jelle/X

Daan Crypto Trades, a trading account that has $112,000 listed as its value, also focused on possible support retests. “key short-term support.”

“Ideally don’t want to see price re-visit that,” He wrote A chart would show a break-through channel for the price. 

“Up to the bulls to take it from here, a proper breakout & some daily closes above the channel would signal this is ready for a move to new highs to me.”

BTC/USD one-day chart. Source: Daan Crypto Trades/X

Meanwhile, the new US shutdown has failed to affect risk assets’ buoyant sentiment.

Related: BTC price due for $108K ping pong: 5 things to know in Bitcoin this week

Both the S&P 500 and Nasdaq Composite Index opened modestly higher, while gold consolidated after hitting its latest new all-time highs If you can, try to get up earlier.

QCP Capital, a trading firm, commented on the matter and said that it was of minimal importance.

“On fiscal theatre, a U.S. government shutdown should be a market non-event beyond data delays and headline noise,” It argued that in its “Asia ColorThe research article 

“Essential services continue, back-pay limits income effects, and past episodes have not derailed risk assets.”

BTC/USD vs. S&P 500 one-day chart. Source: Cointelegraph/TradingView

QCP noted that during the 2018 shutdown, the S&P 500 ended 10% higher.

“Given BTC’s elevated beta to equities, we see shutdown-related dips as buy opportunities rather than chasing gap-ups,” It concluded.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.