Bitcoin surged past $119,000 on Thursday, marking its highest price level in seven weeks as the historically bullish month of October kicked off. The leading cryptocurrency climbed 4% over 24 hours, reaching $119,450 on Coinbase during early trading sessions before settling around $118,947.
The rally pushed Bitcoin to levels not seen since Aug. 14, when it began correcting from all-time highs. Bitcoin cleared resistance at $117,500 and now faces another barrier at the $120,000 level. Breaking above this threshold would pave the way for new peak prices in the coming sessions.
Total crypto market capitalization jumped 3.5% to $4.16 trillion, renewing optimism for what traders call “Ethereum Uptober.” Bitcoin's market cap reached $2.37 trillion, surpassing Amazon's valuation. The surge has reignited sentiment across digital asset markets after weeks of consolidation.
October historically ranks as Bitcoin's most bullish month, posting gains in 10 of the past 12 years. The seasonal pattern has traders anticipating continued upward momentum throughout the month. Market participants view the current breakout as confirmation of the Ethereum Uptober trend taking hold.
Weakening U.S. labor market data fueled the rally as investors anticipate additional Federal Reserve rate cuts. Job openings increased marginally in August while hiring declined, according to Bureau of Labor Statistics data released this week. These developments suggest the unemployment rate will likely rise from 4.3% to 4.4% in September.
IG market analyst Tony Sycamore stated that weak ADP employment reports following softer consumer confidence prints drove the move. The labor market differentials declined, guaranteeing more Fed rate cuts ahead. CME futures prediction markets now show 99% probability of a 0.25% rate cut at the Fed's Oct. 29 meeting, up from 96.2% on Monday.
Nick Ruck, director at LVRG Research, explained that Bitcoin's rally past $118,000 demonstrates increasing sensitivity to monetary policy outlooks. The cryptocurrency’s appeal as a hedge against economic uncertainty grows as traditional economic indicators weaken. Rate cut expectations create bullish conditions for high‑risk asset classes, including Ethereum crypto.
Ethereum gained over 5% on the day, pushing prices to $4,390, the highest level since Sept. 22. Other altcoins posted even stronger gains with $SOL, $DOGE, $LINK and HYPE all rising more than 6%. The broad‑based rally indicates capital is flowing across the entire Ethereum cryptocurrency market beyond just Bitcoin.