Bitcoin has pushed back into a strong uptrend at the start of October, breaking above the $120,000 mark as the market’s “Uptober” narrative returns to the spotlight. Data cited from Coinglass shows that over the past 12 years, Bitcoin posted a positive return in every October except 2014 and 2018, reinforcing the month’s reputation as one of the asset’s strongest seasonal periods.
Strong October Start Sends Bitcoin Above $120K
At the time of writing, Bitcoin was trading at $120,128.94, up 2.55% over the past 24 hours and 9.7% over the last seven days. During the latest 24-hour window, it traded between $117,235.26 and $120,324.11. Even though the month had only just begun, Bitcoin had already posted a 5.41% return for October, extending the rally seen over the previous few sessions.
On the macro side, a U.S. government shutdown that began at midnight on Wednesday did not weigh on risk appetite. Instead, markets moved higher after Senate Republicans and Democrats failed to reach agreement on temporary federal funding. The report noted that a surprise decline in private-sector employment was not treated as a clear bearish signal by traders. Rather, some participants saw it as another reason the Federal Reserve could continue cutting rates later in the year, helping lift both equities and Bitcoin.
Equities Also Move Higher as Risk Sentiment Improves
In traditional markets, the S&P 500, Nasdaq, and Dow Jones Industrial Average were up 0.16%, 0.42%, and 0.29%, respectively. Against that backdrop, Bitcoin outperformed major stock indexes on a 24-hour basis, suggesting improving risk sentiment across digital assets. The article argued that the so-called “Uptober” effect is once again aligning with historical expectations.
Volume Slips, but Open Interest Keeps Rising
Market data showed that Bitcoin’s 24-hour trading volume fell 4.88% to $67.82 billion, while its market capitalization rose 2.54% to $2.39 trillion. At the same time, Bitcoin dominance slipped 0.52% to 58.74%, a sign that altcoins may also be participating in the broader rally.
In derivatives, Coinglass data showed Bitcoin futures open interest rising 3.59% over 24 hours to $88.40 billion. Total liquidations reached $134.70 million, led overwhelmingly by short positions at $117.17 million, compared with $17.53 million in long liquidations. That imbalance suggests traders betting against the rally absorbed most of the damage, while short covering may have added further fuel to Bitcoin’s move higher.