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Bitcoin hit a seven-week high on Friday, rising above $120,000. By midday, it was trading at $120,350, and even touched $121,000 briefly the day before. The jump puts Bitcoin on track for solid weekly gains.
The move comes after a rough end to September when heavy liquidations wiped out more than $20 billion in crypto positions. Big buyers, often called whales, stepped in and helped the rebound. So far this week, Bitcoin is up nearly 10%.
Bitcoin is rebounding in October
October has a strong history for Bitcoin, earning the nickname “Uptober” among traders. This year, optimism is being boosted by steady inflows into U.S. spot bitcoin ETFs and hopes that financial conditions could loosen.
Some investors are also looking at the looming U.S. government shutdown as a potential liquidity boost. A shutdown could delay economic data releases and restrict Treasury activity, which might push money toward alternative assets like crypto. But if the shutdown drags on, it could also bring more market swings by leaving the Federal Reserve without key data.
Analysts are turning bullish again. Geoff Kendrick of Standard Chartered said Bitcoin could soon test $135,000 and possibly even climb toward $200,000 by year-end if institutional inflows continue. So far in 2025, Bitcoin ETFs have already attracted $23 billion, pushing the total to $58 billion.
Meanwhile, CME Group announced it will launch 24/7 trading for crypto futures and options starting in early 2026, pending approval. This move reflects rising demand from clients who want round-the-clock access to crypto markets. CME has already seen record activity this year, including $39 billion in open interest in September and a 230% jump in daily trading volume compared to last year.
Altcoins followed Bitcoin higher but stayed rangebound. Ethereum gained 2% to trade near $4,480. XRP rose 1.8% to $3.03. Solana added nearly 2%, while Cardano was flat and Polygon slipped about 1%. Meme tokens like Dogecoin and $TRUMP saw little change.