Bitcoin Surges to $117,000 Amid US Government Shutdown
Bitcoin experienced a rise from $113,000 to approximately $117,000 despite predictions of a decline due to the US government shutdown. The shutdown occurred as President Trump and Congress failed to agree on funding.
Bitcoin's Performance Amid Shutdown
- Bitcoin's increase came unexpectedly amid the uncertainty caused by the government shutdown.
- CryptoQuant analyst noted deeper losses among short-term holders (STH) in September with a Spent Output Profit Ratio (SOPR) dropping to 0.992, although it slightly improved to 0.995.
- The stabilization signs in the STH-SOPR metric coincide with Bitcoin trading just below a significant resistance level.
Past trends suggest two scenarios post-reset in STH-SOPR:
- A potential weakening momentum for Bitcoin as extended loss realization may lead to a corrective phase.
- A healthier market reset where realized losses absorption could lead to sustainable rallies and new all-time highs.
Future Outlook for Q4 2025
- Dwindling active circulating supply offers optimism for bulls, but some analysts remain cautious.
- Recent analysis indicates cooled demand after Bitcoin couldn't hold above $115,000.
- Analyst Doctor Profit suggests a potential 20% price decline, projecting a target range between $90,000 and $94,000.
