Bitcoin exceeds 120,000 dollars as traders watch for an October rally
Open interest in BTC futures reaches a record high due to Federal Reserve uncertainty and hopes for ETFs boosting crypto sentiment
What you need to know
Bitcoin surpassed 120,000 dollars.
Open interest in BTC futures reached a record of around 33 billion dollars, indicating strong momentum in crypto derivative markets
A US government shutdown has paused ETF reviews.
Bitcoin
BTC
$87,000 approx
went above 120,000 dollars while traders gear up for a positive October for risky assets
The token has been steadily rising over the last five days, recovering from a drop at the end of September
Optimistic Analysts point to renewed around favorable macroeconomic conditions that could boost risk.
In derivatives markets, BTC futures show intermittent bullish signals with open interest at a historic high, suggesting traders are positioning for further gains
Short positions are also accumulating, which could create a short squeeze opportunity
Traders will focus on the next Federal Reserve meeting at the end of the month, which could occur without a new employment report due to the government shutdown
The treasury secretary warned that the shutdown could weaken the economy
Although historically the impact of a government shutdown on the economy has been small, the threat of large federal layoffs could affect the current climate
Crypto appetite could also be fueled by expectations of an upcoming altcoin season, as several applications for ETFs related to altcoins are expected to be approved once the government reopens
Litecoin ETFs are pending responses today, while others have deadlines in October
The SEC confirmed it will not review any applications during the shutdown
Altcoins also rose in the last 24 hours, led by DOGE, which rose around 3 percent
The CoinDesk 20 index, tracking the top 20 crypto assets, increased around 1.5 percent in the same period
BTC is trading again at levels not seen since mid July
The total market capitalization is above 4 trillion dollars again
A slow climb past 115,000 dollars suggests staying above this level is more likely, with a gap in CME consolidating the floor at 110,000 dollars
A sustained rally above 120,000 dollars is expected in the coming weeks
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