Bitcoin Eyes $120K as Shutdown Fears Fade & Fed Cut Bets Soar || Daily News
Strong data mix, retail disbelief, and on-chain flows set the stage for a big October
🪙 Crypto Market
Bitcoin surged toward the $120k mark, shrugging off U.S. government shutdown fears that spooked some traders last week.
The move higher was fueled by a soft ADP jobs report and a surprisingly firm ISM reading, both reinforcing expectations that the Fed will keep cutting rates.
With the government shutdown preventing the release of Friday’s NFP payrolls, markets are “flying blind” and pricing in a 100% chance of another Fed cut at the next meeting.
BTC now sits just below its September highs and looks poised for a breakout month.
📊 Key Levels & Technical View
118,000 USD: Former monthly high. Staying above this level opens a runway toward 128,700 USD.
115,000 USD: Recent breakout zone—likely retested if bulls stumble.
Big Picture: Chart projections point to $148k, with potential overshoot toward $160k.
For the rally to stay healthy, Bitcoin needs daily closes above $114.6k–118k. A rejection here could see a pullback toward 111k–110k, but momentum remains with the bulls.
🌐 Altcoin Outlook
Ethereum (ETH): Still lagging BTC but setup remains constructive. If BTC powers past $120k, ETH could make a run toward $6k.
Solana (SOL): Holding strong, with upside targets at $270–300 in a bullish BTC scenario.
Alt Season Risk: This may remain an “unloved rally” for alts—many traders are waiting for a correction that may never come if BTC accelerates.
📈 On-Chain & Positioning
Daily Active Addresses: Positive divergence continues, adding weight to the recovery.
Whale Activity: Wallets holding 100–1000 BTC accumulated heavily, while smaller holders (1–10 BTC) sold into strength—a historically bullish dynamic.
Leverage Data: Retail traders remain net short, providing contrarian fuel for further upside.
🔎 Sentiment & Market Flows
Fear & Greed Index: Neutral to slightly fearful—still room for euphoria to kick in.
USDT Dominance: Breaking down with a clear head & shoulders pattern, confirming liquidity is rotating into crypto assets.
Institutional Narratives: Reports that Vanguard may enable crypto ETF access on its platform add another tailwind.
📌 Key Takeaways
BTC at $120k: Break and hold unlocks $128k+ targets.
Fed cut bets: 100% priced in—macro still supportive.
Alt signals: ETH toward $6k, SOL toward $300 if BTC momentum holds.
On-chain: Whales buying, retail shorting → bullish cocktail.
Risk zone: A false breakout could drag BTC back to 111k–110k.
🎯 Strategy Snapshot (levels only, not advice)
Short-term bias: Long from $115k, stop $107k, target $140k.
Medium-term bias: Eyeing $132–148k if $120–121k clears.
Long-term bias: Cycle structure still projects toward $230k, key support $72k.
🔥 October is off to a classic “Uptober” start. $120k is the battlefield—clear it, and Bitcoin enters uncharted territory.