Bitcoin price reclaims $117K as Uptober kicks off, ZEC, PUMP post gains

Bitcoin price advanced to multi-week highs today, reclaiming the $117,000 level as risk appetite returned after the leading cryptocurrency closed September in positive territory.

A more than 3 percent gain over the past 24 hours pushed the total cryptocurrency market capitalization toward $4.1 trillion, while the Crypto Fear and Greed Index settled at a neutral 49, hinting at a cautiously balanced sentiment.

Altcoins delivered a more subdued performance with only a few notable outliers, yet the majority of the top 100 assets had moved back into green following last week’s pullback.

Why is Bitcoin price going up?

Bitcoin’s historical price trends are once again driving momentum, particularly as the market moves from September into October. 

Traders often look to past cycles for clues, and the data shows a consistent pattern: when Bitcoin closes September in green, October has usually delivered positive monthly gains. 

This narrative, often referred to as Uptober, has become a focal point for sentiment and is helping fuel expectations for the weeks ahead.

September has long carried the label of Bitcoin’s weakest month, with some market watchers calling it Rektember because of its track record of negative performance. 

Across the past 13 years, the month has averaged a 3% decline, making this year’s close above $114,000 a rare bright spot. 

Historically, when Bitcoin has managed to end September higher, it has often been followed by outsised gains in the final quarter. 

Past examples include a 48% rise in 2024, 57% in 2023, and an extraordinary 480% in 2013, a history that is encouraging traders to view the coming months as potentially the strongest leg of the current cycle.

At the same time macroeconomic conditions have suddenly turned favourable for Bitcoin price especially due to ongoing government shutdown in the United States, which has weakened confidence in the dollar and pushed investors toward alternative assets.

A disappointing jobs report from ADP reinforced concerns about the economy, showing a loss of 32,000 jobs in September compared with expectations for 50,000 gains, while August numbers were revised downward to show a loss of 3,000 jobs instead of growth.

With the labor market softening and political gridlock continuing in Washington, many expect the Federal Reserve to persist with interest rate cuts, which usually tends to lift demand for risk assets such as Bitcoin.

Moreover, deadlines for several altcoin ETF applications are drawing near, and these funds are viewed as a major step forward for the sector.

Such products would open the door to significant inflows from both institutional investors and retail buyers in the United States..

There’s also talk in the US about allowing retirement funds to access the crypto market which adds to the sense that demand could rise meaningfully in the months ahead.

Will Bitcoin price go up?

Both Bitcoin and the wider crypto market may continue to benefit from the uncertainty surrounding the US government shutdown, particularly if it leads to lower interest rates as many analysts expect.

According to Bitget analyst Ryan Lee, Bitcoin’s independence from political and government risk makes it “attractive to mainstream traditional investors,” especially at a time when uncertainty is weighing heavily on the dollar.

“While corrections are likely along the way, most promising altcoins in the market appear to have bottomed out,” Lee said, adding that BTC reclaiming $116,000 is already a positive sign that the “positive october” narrative may actually play out.

On the liquidation heatmap, Bitcoin’s sharp move through the $114,000 to $116,000 zone cleared out a large cluster of leveraged positions, which has now flipped into a strong support base. 

This level looks firm enough to cushion the market should a correction take place, suggesting that the $114,000 region is the closest area of defense for bulls in the short term.

On the upside, traders appear heavily concentrated just above current levels, with a visible band of liquidations stacked near $120,000. 

This makes it the most immediate upside target for Bitcoin if momentum persists, as the market may be drawn toward those positions in a continued short squeeze. 

Beyond that, the heatmap thins out until closer to $122,000, meaning price could extend higher quickly if $120,000 is broken with conviction.

Across X, some analysts were cautious as historical trends also note that some Bitcoin rallies that have followed a US government shutdown, have ended with sharp drops.

Among such takes, was one from prominent crypto analyst Ted Pillows.