Bitcoin Hovers Near $120K — Analyst Says Not ‘Far Away’ From New All-Time Highs

Bitcoin was trading near $120,000 in early trading on Friday, amid a broader market rally.

The apex cryptocurrency was up nearly 1% at $119,763, but below the higher peaks scaled on Thursday, according to CoinGecko data. Ethereum and XRP tokens were up 1.6% and 1.8%, respectively. Among other altcoins, BNB was up 4.7% and Solana gained 2.5%.

Following a damp September, Bitcoin and other digital currencies are experiencing a strong upward move as investor appetite has grown amid a delay in the release of U.S. jobs data. The Nasdaq and S&P 500 futures were up despite the government shutdown entering its third day, with analysts noting that investors were still giving lawmakers time to resolve their differences.

According to the CME Group’s FedWatch tool, futures traders have assigned a 97.8% probability for a 25-basis-point rate cut at the next Federal Open Market Committee meeting, scheduled for later this month.

“The U.S. government shutdown is making markets thirsty for risk. Fed rate cuts now look more likely, and BTC’s suddenly the adult in the room,” said BTC Markets analyst Rachael Lucas.

Retail sentiment on Stocktwits about Bitcoin was in the ‘extremely bullish’ territory at the time of writing.

According to SoSoValue data, spot Bitcoin ETFs logged inflows of $627.2 million on Thursday. So far this week, Bitcoin ETFs have seen net inflows of $2.25 billion, following $902 million in outflows the previous week. According to Bloomberg Senior ETF Analyst Eric Balchunas, BlackRock’s IBIT ETF has entered the top 20 ETFs by assets for the first time, by topping $90.7 billion.

Investors will be keen to see if Bitcoin can break above its all-time high of $124,000, a level it reached in August. “I suppose we'll start seeing a new ATH coming in during the next few weeks,” investor Michaël van de Poppe said.

Also See: Large Fire Spotted At Chevron’s El Segundo Refinery In Los Angeles County

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on