Bitcoin’s back above $120K

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📈 Bitcoin breaks out - BTC climbs back above $120,000, up ~10% over 7 days and 8% over the month.

🔗 Altcoins follow - Ethereum and others are tracking a similar upward trajectory.

⚖️ Investor sentiment - Fear and Greed Index nears Neutral/Greed; crypto RSI shows overbought conditions.

💵 Macro watch - US jobs numbers delayed due to government shutdown; eyes on inflation data and a potential Fed rate cut on 29 October.

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The market-cap leader never really went anywhere, but it’s broken out of the range it’s been stuck in for the last few months and is trading back above $120,000. Bitcoin is up almost 10% over seven days and 8% over the last month. Ethereum and others have followed, trading roughly along the same path. Some say the rally’s due to seasonal optimism, others suggest that current macro uncertainty is leading investors to hedge through Bitcoin, while some point to a potential Fed rate cut at the end of the month.

The pulse in crypto markets has pushed the Fear and Greed Index to the brink of Neutral and Greed, while the average crypto Relative Strength Index reflects the current drive by slipping into overbought territory. US spot Bitcoin ETFs pulled in about $675.8 million on Wednesday, the highest since mid-September.

The US government shutdown has delayed the latest jobs numbers, which were set for release today, but investors will be tracking inflation data and other economic events this month as we head into what is expected to be another Fed interest rate cut on 29 October. Stay tuned.

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🌍 Total crypto market cap ↗️

The global crypto market cap is approximately $4.23  trillion, up 1% from this time yesterday. 

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🟠 Bitcoin (BTC) ↗️

Price: $120,463 up 0.8% in the last 24 h.
Daily high: $121,044
Daily low: $118,777

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📈 S&P 500  ↗️

SPY is currently up 0.06% since yesterday’s close. 

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📈 Nasdaq 100 ↗️

The Nasdaq 100 is up about 0.37% overnight. 

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😐 Fear & Greed Index

The Crypto Fear & Greed Index stands at 57/100, in Neutral.

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*Data is correct as at 03 October 13h04 GMT. 

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‍Cautionary Notes

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It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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