Bitcoin Surpasses $120K as Traders Anticipate Bullish October
Bitcoin ([BTC](https://holder.io/coins/btc/)) has surged past $120,000, a level not seen since mid-August, driven by positive market sentiment for October.
The cryptocurrency has been on an upward trend over the last five days, rebounding from a late September dip. Analysts attribute this to favorable macroeconomic conditions expected to boost risk assets in Q4.
BTC futures show bullish indicators with open interest reaching a record high of $32.6 billion, suggesting anticipation of further price increases. Analyst Skew notes an increase in short positions, potentially setting up for a short squeeze.
Attention is focused on the upcoming Federal Reserve meeting at month's end, which might occur without new job data due to the government shutdown. Treasury Secretary Scott Bessent highlighted potential economic impacts.
Optimism for a possible altcoin season rises as several altcoin-related ETF applications await approval post-government reopening. However, the SEC confirmed it won't review applications during the shutdown.
Altcoins like [Dogecoin](https://holder.io/coins/doge/) are gaining, with a nearly 3% increase, and the CoinDesk 20 Index rose by 1.5% in the past 24 hours.
Paul Howard from Wincent noted Bitcoin's return to levels seen in mid-July, projecting a sustained rally above $120,000 in the coming weeks.
