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- Anjali Belgaumkar
Anjali Belgaumkar
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 02, 2025 06:17 UTC
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Why Is Crypto Market Going Up Today?
Bitcoin surges past $118K, eyeing $120K next as altcoins like Ethereum, XRP, and Solana rally—crypto market cap reclaims $4T milestone.
Crypto rally heats up: Bitcoin breakout clears key resistance, Ethereum tops $4,300, while Solana & Cardano fuel bullish October outlook.
Bitcoin posted a sharp breakout this week, moving from $114,000 to over $118,700. At press time, the asset is holding steady just under the $119,000 mark. The move followed a period of oversold conditions on the daily chart, with RSI and sentiment indicators both flashing fear before reversing higher.
Global liquidity continues to support risk assets. Gold reached record highs earlier this year, a pattern that has often preceded Bitcoin rallies. On-chain data shows large holders adding to positions, while stablecoin reserves are starting to flow back into the market.
Technical Picture Strengthens
The daily and weekly charts both show improving momentum. The weekly MACD shows that the bearish pressure is fading as red candles lose strength. On higher timeframes, including the monthly chart, Bitcoin remains well below overheated RSI levels seen at previous cycle peaks. Analysts note that the breakout above $118,000 clears the way for a test of $120,000, with the next major resistance zone between $132,000 and $135,000.
Altcoins Follow Bitcoin Higher
The broader crypto market cap has climbed back above $4 trillion, lifted by strong altcoin performance. Ethereum is trading above $4,300, while XRP has rebounded to $2.96. Binance Coin has crossed $1,000, adding to its recent strength.
Solana is back over $221, and Cardano continues to recover after its late-summer weakness. Historically, Bitcoin strength has preceded capital rotation into altcoins, a trend traders expect to continue as Q4 progresses.
With altcoins outperforming and Bitcoin securing a higher base, analysts predict that the current rally could extend into October. However, they also warn of short-term retests as the market absorbs recent gains.
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FAQs
Bitcoin trades near $119,000 after breaking out from $114,000, showing strong momentum and improved market sentiment.
Ample global liquidity is boosting demand for risk assets, with gold’s rally and inflows into crypto supporting Bitcoin’s rise.
Gold hitting records often signals stronger appetite for Bitcoin, as both assets benefit from liquidity and inflation hedging.
Momentum looks strong into October, but experts warn of short pullbacks as markets adjust to sharp recent gains.
October shows bullish signals, but investors should plan carefully, expect volatility, and focus on long-term strategies.
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