Bitcoin Hits $120K With Traders Eyeing Bullish October Rally

Open interest in BTC futures hits all-time high as Fed uncertainty and ETF hopes boost crypto sentiment.

• Bitcoin surged past $120,000 for the first time since August as traders bet on a bullish October for risk assets.
• BTC futures open interest hit a record $32.6 billion, signaling strong momentum in crypto derivatives markets.
• A U.S. government shutdown has paused ETF reviews and could slow economic growth, adding uncertainty ahead of the next Fed meeting.

Bitcoin clears $120K as onchain data points to a new BTC accumulation phase

Bitcoin cleared the $120,000 level for the first time since August as long-term selling cools and short-term holders stabilize, hinting at a fresh accumulation phase.

• Bitcoin clears the $120,000 hurdle as long-term holder selling pressure eases.
• Short-term holders are absorbing losses, signaling market stabilization.
• Neutral LTH flows may set the stage for a decisive breakout.

Bitcoin Trend Analysis Today