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Bitcoin surged past $120,000 late Thursday, continuing a robust trend that commenced in September and persisted into October, a month that traders refer to as Uptober due to its historical bullish performance.
This movement came after a swift recovery earlier in the week. Following an intraday decline to $114,000 on October 1, Bitcoin bounced back to trade around $118,700 to $118,900 by October 2, with peaks reaching $119,500. The market capitalized on seasonal trends, with Bitcoin averaging gains of 14.4% in October since 2013.
The broader cryptocurrency market also participated in the upward movement. Ether increased by 3.2% to $4,536. XRP rose 1.8% to $3.04, while Solana advanced 4.2% to $233.80. The overall market capitalization grew approximately 2% to $4.2 trillion.
This rally occurred despite a US government shutdown that commenced at the beginning of the month. Trading desks reported consistent dip buying and repositioning for Q4, a pattern commonly observed in previous Uptober periods.
$120,048.93#Bitcoin #BTC $BTC $USD
— Bitcoin (@Bitcoin) October 3, 2025
Bitcoin’s October Gains Reflect A Longstanding Pattern Of Seasonal Strength
Gadi Chait, head of investments at Xapo Bank, stated: “October has traditionally been a positive month for Bitcoin, and early indicators imply this year may follow suit. Even the US government shutdown that started at the beginning of the month, the first since 2018-2019, which resulted in over 90% of SEC staff being furloughed and left the CFTC operating with minimal personnel, has not hindered momentum, demonstrating Bitcoin’s recent resilience.”
“Rather than being a speculative anomaly, Bitcoin continues to demonstrate its capacity to defy expectations and establish itself as a digital asset with longevity. For long-term investors, the trend is evident; Bitcoin’s strength is rooted in its structure, not merely seasonal factors.”
Market experts characterize Uptober as a self-reinforcing combination of calendar influences and risk appetite. As funds rotate for year-end, liquidity tends to improve, and volatility often increases, which has historically benefited Bitcoin’s upward trajectory.
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BTC is looking amazing- but is this rally sustainable? With BTC reaching historical highs and significantly overextended on this week’s remarkable Uptober rally, are there signs and signals indicating a correction- or a gravity-defying continuation to $124k and beyond… pic.twitter.com/ro6WYJ0knu
— Aaron Dishner (@MooninPapa) October 3, 2025
Derivatives Activity Increases As Uptober Momentum Continues
Derivatives desks noted active trading around significant round numbers, while spot volumes improved as the close approached. The sentiment mirrored previous Octobers when momentum, once gained, tended to last for several days.
Regulatory uncertainty remains a concern, yet the immediate market response indicated resilience. Traders monitored news and kept an eye on the pace of approvals and guidance, even as staffing at US agencies diminished during the shutdown.
Przemysław Kral, CEO of zondacrypto, remarked: “The US government shutdown, now a reality, can adversely affect the crypto industry by disrupting the SEC and CFTC, which are crucial to global digital asset markets.”
He cautioned that reduced staffing could hinder innovation and undermine investor confidence, leading to delays in guidance, approvals, and enforcement. Progress on initiatives such as the GENIUS Act and the CLARITY Act may be postponed, and unresolved issues surrounding the Anti-CBDC Act could persist, eroding trust.
Federal payment disruptions might drive users toward stablecoins, and a weakened SEC could also delay decisions on crypto ETFs. All of this could “provide industry leaders an opportunity to advocate for clearer, more efficient regulations in post-shutdown budget discussions,” he noted.
For the moment, momentum dictates the market. If Uptober adheres to its typical pattern, traders will observe whether $120,000 serves as support, while fund flows and macroeconomic indicators guide the next phase.
The post Bitcoin Breaks $120K As ‘Uptober’ Momentum Rises, Shutdown Fails To Stall Gains appeared first on Cryptonews.
