Bitcoin Climbs $118K While Washington Slides into Chaos 🚀💸

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Key points:

  • Bitcoin, that mischievous little number, is attempting to breach $118K for the first time since mid-August. A feat as improbable as a penguin in a sauna. 💸🧊

  • The US labor market, as weak as a wet match, has sent crypto and risk assets soaring, while the government shutdown is treated with the same enthusiasm as a flat tire on a Sunday afternoon. 🚗💨

  • Dips? Oh, they’re merely invitations for the brave (or foolish) to buy. A market that’s more unpredictable than a British weather forecast. ☔📈

Bitcoin, ever the show-off, sought six-week highs after Wednesday’s Wall Street open, as markets yawned at the government shutdown. A spectacle as thrilling as a silent film. 🎬💸

Bitcoin starts October with range breakout attempt

Data from CryptoMoon Markets Pro and TradingView showed that BTC/USD reached $117,713 following weak US jobs data. A number as exciting as a spreadsheet. 📊

The pair came within $150 of beating its September maximum – doing so would lead it to its highest levels since Aug. 17. A milestone as rare as a unicorn in a zoo. 🦄

“Bitcoin is trying to breakout from its Monthly Range already on the first day of the new month of October,” popular trader and analyst Rekt Capital summarized in his latest commentary on X. A statement as confident as a cat with a laser pointer. 🐱

US private-sector employment numbers came in significantly below expectations, turning negative when estimates had projected a gain of 45,000 jobs for September. A surprise as shocking as a tax audit. 🧾

Labor market weakness is considered a tailwind for crypto as it heightens the odds of interest-rate cuts and thus increased capital inflows. A tailwind as reliable as a breeze in a hurricane. 🌬️🌀

The latest data from CME Group’s FedWatch Tool showed that markets were overwhelmingly betting on the Federal Reserve cutting rates by 0.25% at its October meeting. A move as exciting as watching paint dry. 🎨💤

Continuing, fellow trader Jelle described BTC price action as “pushing through the resistance like it isn’t even there.” A performance worthy of a standing ovation. 🎭💰

“One last thing to ‘worry’ about: a sweep of the September highs. Clear those, and the bears will have very little leg to stand on. Higher,” he told X followers. A prophecy as certain as a sunset. 🌅

Others focused on potential support retests, with trading account Daan Crypto Trades flagging $112,000 as “key short-term support.” A warning as useful as a map in a maze. 🗺️🌀

“Ideally don’t want to see price re-visit that,” he wrote alongside a chart showing a channel that price was attempting to break through. A chart as clear as a foggy window. 🌫️

“Up to the bulls to take it from here, a proper breakout & some daily closes above the channel would signal this is ready for a move to new highs to me.”

The new US government shutdown, meanwhile, failed to impact the buoyant mood across risk assets. A mood as lively as a party in a library. 📚🎉

Both the S&P 500 and Nasdaq Composite Index opened modestly higher, while gold consolidated after hitting its latest new all-time highs earlier in the day. A day as calm as a storm in a teacup. 🍵

Commenting, trading company QCP Capital stated that the shutdown should be of little importance. “On fiscal theatre, a U.S. government shutdown should be a market non-event beyond data delays and headline noise,” it argued in its latest “Asia Color” research post. A statement as reassuring as a broken alarm clock. ⏰

“Essential services continue, back-pay limits income effects, and past episodes have not derailed risk assets.”

QCP noted that during the 2018 shutdown, the S&P 500 ended 10% higher. A reminder that even chaos can be a bullish sign. 🌪️📈

“Given BTC’s elevated beta to equities, we see shutdown-related dips as buy opportunities rather than chasing gap-ups,” it concluded. A conclusion as wise as a fortune cookie. 🥮

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2025-10-01 19:13