Bitcoin Hits $121k as Traders Eye Bullish October

TL;DR

• BTC rallied to the $121k mark on Thursday after adding nearly 2% to its value.

• It has slightly retraced below $120k, but traders eye a bullish October rally.

BTC Huts $121k As Bullish Rally Continues 

The cryptocurrency market has continued its positive performance this week, with Bitcoin hitting a monthly high. Bitcoin rallied to the $121k mark on Thursday, its first time hitting this price since reaching its all-time high of $124k in August.

The rally comes as the U.S. government shutdown has paused ETF reviews and could slow economic growth, adding uncertainty ahead of the next Fed meeting. Market participants are optimistic that the Fed could cut interest rates in its upcoming meeting later this month. However, the ongoing government shutdown could affect the Fed’s decision.

In the derivatives market, Bitcoin futures are showing bullish signs, with Open Interest (OI) hitting a record high of $32.6 billion. The increase in Bitcoin’s OI suggests that traders are positioning for further upside. 

Paul Howard, senior director of crypto trading firm Wincent, believes that the crypto market could record further gains in the near term. He stated that, 

"With $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion. We have seen a slow grind higher, breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000. I believe we are now set to see a sustained rally above $120,000 in the coming weeks."

With Bitcoin breaking above $120k, altcoins also rallied higher, with Ether hitting $4,500 a few hours ago. The total cryptocurrency market cap now stands at $4.13 trillion after $130 billion was added to the crypto market.

JUST IN: Over $130,000,000,000 added to the crypto market cap today. pic.twitter.com/cTlaa6Qy8A

— Watcher.Guru (@WatcherGuru) October 2, 2025