#Cryptomarketrebound #BtcPriceAnalysis

Bitcoin Reaches 7-Week High, These 5 Altcoins Lead the Market

Bitcoin had a strong start to October, reaching a 7-week high. Ethereum, Solana, and other altcoins also saw double-digit gains.
Crypto markets surged in recent days, with Bitcoin reaching a seven-week high as October, historically a bullish month, began.

Bitcoin rose 4 percent in the last 24 hours, reaching $119,450 early Thursday.

This is Bitcoin's highest price since August 14th. It reached this level seven weeks ago, when it began its correction from an all-time high.

Bitcoin has now broken through the $117,500 resistance level but faces further resistance at $120,000. A break above this level would pave the way for new highs, but it has now cooled somewhat, retreating to $119,033 at the time of writing.

This significant move increased the total market capitalization by 3.5 percent to $4.16 trillion and revived bullish sentiment and optimism for Uptober.

According to data, October was the most bullish month of the year for Bitcoin, with gains occurring in 10 of the last 12 Octobers.
Labor market weakness leads to interest rate cuts.

The number of job openings in the US increased marginally in August, while hiring decreased. This is according to data released this week by the US Bureau of Labor Statistics.

This has perpetuated labor market problems and could lead the Fed to cut interest rates again later this month. This development is seen as positive for high-risk asset classes like crypto.

The weak ADP employment report comes after weak consumer confidence data earlier this week. Labor market divergences have narrowed.

Furthermore, unemployment is likely to rise from 4.3 percent to 4.4 percent in September, "warranting further Fed rate cuts."

While traditional economic indicators have weakened, Bitcoin's rally above $118,000 demonstrates its increasing sensitivity to the monetary policy outlook and its appeal as a hedge against economic uncertainty.
Altcoins also caught fire.

While Bitcoin led the market higher, ETH also gained more than 5 percent intraday, pushing prices to $4,390, reaching their highest level since September 22nd.

Other altcoins currently seeing higher gains include Solana SOL at 226.78, Dogecoin DOGE at 0.25619, Cardano ADA at 0.8537, Chainlink LINK at 22.487, and Hyperliquid (HYPE). All are up more than 6 percent intraday.

‍#ETH #Sol #Doge