Bitcoin Price Today: Rally Hits 7-Week High Near $119K Amid "Uptober" Optimism

Cryptocurrency

Bitcoin surged sharply on Thursday to a seven-week high, supported by "Uptober" optimism and expectations of increased liquidity in crypto markets following the U.S. government shutdown.

According to the latest data, the world’s largest cryptocurrency rose 3.7% to $118,481.5 as of 06:10 MSK, reaching its highest level since mid-August.

Earlier in the past 24 hours, the token briefly topped $119,000.

"Uptober" optimism fuels the rally

The term "Uptober" — a blend of "Up" and "October" — reflects a seasonal bias in crypto markets, where October has historically delivered strong performance.

Traders increasingly see this month as a psychological turning point, with early positive momentum typically boosting confidence in continued growth.

This year, the narrative received extra momentum after a wave of forced liquidations in late September created oversold conditions.

Large investors ("whales") and institutional accumulation helped absorb some of the selling pressure earlier this week.

U.S. government shutdown may trigger liquidity boost

Reports indicated that today’s surge was fueled by expectations that the U.S. government shutdown could indirectly drive liquidity into markets.

The federal government began a partial shutdown after Congress failed to pass a temporary funding measure.

The shutdown forces many federal agencies to furlough employees and delays or disrupts key economic reports, such as Friday’s nonfarm payrolls, which the Federal Reserve relies on to guide interest rate decisions.

With delayed or absent data, the Fed may rely more on forward-looking indicators, and investors expect the central bank to lean toward a looser policy once clarity returns.

Additionally, capital flows could shift into assets where markets remain active — and Bitcoin often becomes the focal point.

Crypto prices today: Altcoins jump; Dogecoin up 10%

Most altcoins also rallied sharply, tracking gains in the world’s top cryptocurrency.

• Ethereum jumped 6.2% to $4,382.92.

• XRP rose 4.6% to $2.96.

• Solana gained 8%, Cardano added 7%, and Polygon climbed 6.4%.

• Among memecoins, Dogecoin spiked nearly 10%, while $TRUMP rose 5.4%.

See also: "Litecoin Rises 10% in Bullish Rally"

#Price Increase #Bitcoin (BTC) #Bullish trend

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