Bitcoin Surges Past $116K Amid U.S. Government Shutdown
Bitcoin surged past $116,000, gaining 3% daily, despite the U.S. government shutdown affecting 750,000 federal workers and potentially costing $400 million per day.
- The total crypto market cap increased by 3% to $4.09 trillion, with Bitcoin's dominance rising from 57% to 59%, indicating a more sustainable rally than altcoin-led ones.
- Gold reached new records near $3,875–$3,895/oz, highlighting a flight-to-safety trend, but Bitcoin's rebound from $112,000 suggests buyers see macro uncertainty as a buying opportunity.
Bitcoin ETF Inflows and Market Trends
- U.S. spot Bitcoin ETFs saw $3.53 billion in net inflows in September, led by $429.9 million on September 30.
- Leverage reset and stable open interest suggest favorable conditions for continued BTC upward movement.
- Technical analysis indicates a multi-week bull flag setup, with "Uptober" historically performing well after a positive September.
- Pavel Durov reiterated a long-term $1 million BTC target due to fixed supply versus money printing.
Key Levels for Bitcoin
- Resistance is around $117,500; a sustained break could lead to targets between $119,300–$120,300.
- Significant short liquidity exists between $118,000 and $119,000, potentially triggering a squeeze if breached.
- Support zones are at $114,800–$115,200 and $112,000; below that, major liquidity sits at $107,000–$108,000.
Analysts suggest maintaining support at $112,000, breaking above $117,500, and leveraging momentum for Q4 gains.