Bitcoin extended its rally into October, breaking above $117,000 for the first time since mid-September as fresh U.S. labor market data boosted expectations of Federal Reserve rate cuts.<\/p>\n
The world\u2019s largest cryptocurrency jumped more than 4% on the day, decisively shattering the $115,000 resistance zone.<\/p>\n
The move came after the Automatic Data Processing (ADP), a U.S.-based payroll and HR management company, reported a surprise loss of 32,000 private payrolls<\/a> in September, versus expectations for a gain of 45,000.<\/p>\n It marked the third decline in the past four months, indicating clear signs of economic weakness.<\/p>\n Job openings rose by just 19,000 in August to 7.208 million, still near their lowest since January 2021. The three-month average fell to 7.26 million, a 4.5-year low and below pre-pandemic levels.<\/p>\n Meanwhile, the job vacancy-to-unemployment ratio<\/a> dropped to 0.98, its weakest reading since April 2021.<\/p>\n Source: Kobeissi Letter<\/a><\/p>\n That means there are now 157,000 more unemployed Americans than job vacancies, the widest gap since March 2021.<\/p>\n The disappointing data have sharply shifted monetary policy expectations.<\/p>\n According to the CME FedWatch Tool, traders now see a 99% chance of a 25 bps Fed rate cut at the next FOMC meeting.<\/p>\n A dovish Fed is widely viewed as a tailwind for Bitcoin, weakening the dollar and driving demand for risk assets.<\/p>\n This aligns with Bitcoin\u2019s historical seasonality.<\/p>\n October, November, and December have consistently delivered strong returns, with \u201cUptober\u201d<\/a> often kicking off a year-end rally.<\/p>\n On-chain data from CryptoQuant shows Bitcoin entering Q4 with conditions supportive of a rally. By reclaiming the Trader\u2019s Realized Price at $116K, Bitcoin has re-entered the bull phase of its cycle indicator.<\/p>\n Source: CryptoQuant<\/p>\n Spot Bitcoin demand has grown steadily since July, now running at a 62,000 BTC monthly growth rate. Such sustained demand was also present during Q4 rallies in 2020, 2021, and 2024.<\/p>\n Whale holdings reinforce the bullish picture.<\/p>\n Large Bitcoin addresses are expanding at an annual rate of 331,000 BTC, compared to 255,000 in Q4 2024, 238,000 at the start of Q4 2020, and a contraction of 197,000 in 2021.<\/p>\n CryptoQuant estimates that these catalysts could expand Bitcoin\u2019s potential Q4 target range toward $160,000\u2013$200,000.<\/p>\n From a high-timeframe perspective, Bitcoin\u2019s structure aligns with Wyckoff accumulation theory and broader macro liquidity cycles.<\/p>\n The monetary policy shift in January 2024 marked the beginning of an accumulation range, while the April 6 \u201cspring\u201d low provided the foundation for the current uptrend.<\/p>\n Within this structure, levels at $106,400 and $125,600 are identified as automatic reaction and support zones, while upside projections between $150,000 and $185,000 are considered major targets in the first quarter of 2026.<\/p>\n This suggests Bitcoin remains early in a larger bullish expansion phase, with pullbacks likely to serve as healthy corrections rather than the start of a deeper reversal.<\/p>\n On the technical front, Bitcoin is consolidating near $117,000 with clearly defined thresholds for both bullish continuation and potential reversal.<\/p>\n The key structural support sits near $108,131. Should price falls below this level, it would flip the outlook bearish.<\/p>\n However, as long as Bitcoin holds above the $113,000 to $118,000 range, the broader trend remains favorable for the bulls.<\/p>\n Source: TradingView<\/p>\n On the upside, immediate resistance lies at $120,000, a psychological barrier that, if broken, could open the path toward new all-time highs above $130,000.<\/p>\n Should momentum persist, targets in the $122,000 to $125,000 range come into focus, with extension projections pointing as high as $145,000 to $150,000.<\/p>\n Read original story U.S. Labor Market Declined in September, Fueling Rate Cut Odds \u2013 Bullish for Bitcoin\u2019s Q4 Run?<\/a> by Anas Hassan<\/a> at Cryptonews.com<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin extended its rally into October, breaking above $117,000 for the first time since mid-September as fresh U.S.…\n","protected":false},"author":2,"featured_media":195652,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[5097,28,122,101,939,2993,2994,32455,2995,932,112,32456,20112,147,9323,1170,1666,6480,2996,2997,923,19533,3733,32457],"class_list":["post-195651","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-401k","tag-business","tag-business-news","tag-economy","tag-finance","tag-financial-information","tag-investing","tag-investment-tools","tag-investor","tag-market-news","tag-markets","tag-mortgage","tag-mutual-funds","tag-personal-finance","tag-quote","tag-real-estate","tag-retirement","tag-stock","tag-stock-research","tag-stock-valuation","tag-stocks","tag-suze-orman","tag-tax","tag-track-portfolio"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/195651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=195651"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/195651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/195652"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=195651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=195651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=195651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}