Bitcoin price today: up above $120k on seasonal optimism; altcoins rangebound

Published 03/10/2025, 07:32
Updated 03/10/2025, 13:30
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Investing.com-- Bitcoin edged higher to a seven-week high above $120,000 on Friday, putting it on track for strong weekly gains, as seasonal “Uptober” optimism and expectations of a liquidity boost following a U.S. government shutdown lifted sentiment.

The world’s largest cryptocurrency traded 0.75% higher at $120,350 by 08:24 ET (12:24 GMT), its highest level since mid-August. The token briefly jumped above $121,000 on Thursday.

Bitcoin has rebounded nearly 10% this week after tumbling in late September amid a wave of liquidations that wiped out billions in leveraged positions. 

More than $20 billion in crypto derivatives positions were unwound last week, deepening the sell-off before whale buyers stepped in.

Bitcoin rebounds on "Uptober" cheer, potential liquidity boost from US shutdown

Historically, October has been one of Bitcoin’s strongest months, a trend crypto investors refer to as “Uptober.” 

This year’s seasonal optimism has been reinforced by steady inflows into U.S. spot bitcoin exchange-traded funds and expectations that macroeconomic conditions could ease.

Reports also said the looming U.S. government shutdown is being viewed as a potential catalyst for a short-term liquidity impulse. 

A shutdown could delay key economic data releases and limit Treasury operations, which some investors believe may redirect liquidity toward alternative assets, including cryptocurrencies.

Still, a prolonged shutdown could complicate the Federal Reserve’s policy outlook by depriving it of key economic indicators, potentially increasing market swings.

Standard Chartered sees Bitcoin rallying to $135,000 in near term

Bitcoin could be on track to hit a fresh record high as soon as next week and could climb further to $135,000, according to Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick.

While October has historically been strong for the token, this year is different in that Bitcoin has avoided its usual slump 18 months after a halving event, Kendrick said. “If that had been the case, the April 2024 halving would have been followed by price weakness now,” he wrote in a note.

He emphasized that other drivers are at play.

“The shutdown matters this time around,” Kendrick said. “During the previous Trump shutdown (22 Dec 2018 to 25 Jan 2019) Bitcoin was in a different place than now, so it did little. However, this year Bitcoin has traded with ‘U.S. government risks’ as best shown by its relationship to U.S. treasury term premium.”

Kendrick also pointed to the role of institutional flows, saying he expects demand to pick up through the remainder of the year.

“Net Bitcoin ETF inflows are now at $58 billion, of which $23 billion has been in 2025,” he wrote. “I would expect at least another $20 billion by year-end, a number which would make my $200,000 [BTC] year-end forecast possible.”

CME to launch 24/7 trading for crypto futures, options

CME Group Inc (NASDAQ:CME) said on Thursday it will offer 24/7 trading for its cryptocurrency futures and options starting in early 2026, pending regulatory approval.

The move aims to meet rising client demand for round-the-clock trading, the exchange operator said in a statement. Trading will take place continuously on CME Globex with a brief weekly maintenance break.

CME’s crypto products have seen record activity this year, including notional open interest of $39 billion in September and a 230% year-on-year jump in August average daily volume, the company highlighted.

Crypto price today: altcoins see modest gains, remain rangebound

Most altcoins also saw extended gains on Friday, but remained rangebound amid macro worries.

World no.2 crypto Ethereum rose 2% to $4,479.59.

World no. 3 crypto XRP gained 1.8% to $3.03.

Solana gained nearly 2%, while Cardano traded largely flat. Polygon edged 1% lower.

Among meme tokens, both Dogecoin and $TRUMP were largely unchanged.

(Ayushman Ojha contributed to this report.)

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