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The Bitcoin price surged 3.5% in the past 24 hours to trade at $118,329 as of 3:36 a.m. EST as an ”Uptober” rally appeared to ignite despite the US government shutdown.
The shut down began at At 12:01 a.m. EST on Wednesday after lawmakers in Congress failed to pass a new funding bill.
Markets shrugged that off, with the crypto market overall recording a 4% surge to a $4.1 trillion market capitalization.
BTC is now surging towards the $119,000 level as it lifts the broader digital asset market higher as October’s long-anticipated rally, often dubbed “Uptober,” took hold.
“Bitcoin is trying to break out from its Monthly Range already on the first day of the new month of October,” popular trader and analyst Rekt Capital, with more than 559k followers, said on X.
Bitcoin is trying to breakout from its Monthly Range already on the first day of the new month of October$BTC #Crypto #Bitcoin pic.twitter.com/nDT0gbdlvn
— Rekt Capital (@rektcapital) October 1, 2025
Analyst Jelle said that BTC is pushing through resistance “like it isn’t even there.”
Can the BTC price reclaim the $119,000 level and then soar even higher?
Bitcoin Price Signals Strong Upside Momentum
The BTC price on the daily chart is showing signs of renewed strength following a prolonged period of consolidation. A classic inverse head-and-shoulders pattern has formed, with the left shoulder, head, and right shoulder clearly marked.
This bullish reversal setup has now broken above its neckline, confirming a potential upward continuation.
Supporting this bullish structure, the Bitcoin price has successfully reclaimed key Fibonacci retracement levels.
After bouncing from the 0.786 retracement around $108,500, the BTC price has climbed back above the 0.236 Fibonacci level near $118,280, indicating that buyers are regaining control.
Meanwhile, the 50-day Simple Moving Average (SMA) ($113,428) has turned upwards. It is comfortably above the 200-day SMA ($104,972), forming a golden cross structure that typically signals the start of a longer-term bullish trend.
BTC Targets $129,000 In The Short Term
Looking at the indicators, they support the bullish stance in the short term. The Relative Strength Index (RSI) stands at 62.55, placing it in bullish territory but not yet in overbought conditions. This gives the price of Bitcoin enough room to stage yet another surge.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has turned bullish, with the blue MACD line rising above the orange signal line.
The histogram has also climbed into positive territory, as the green bars have started forming, which shows strengthening momentum and buying pressure.
Furthermore, the Chaikin Money Flow (CMF), sitting at +0.04, is slightly positive. This indicates that capital inflows are gradually outpacing outflows, suggesting that accumulation is underway.
This sentiment can also be confirmed by the total spot BTC exchange-traded funds (ETFs) net inflow data on CoinGlass, which shows that BTC ETFs have recorded three consecutive days of positive inflows.
With the confirmed breakout from the inverse head-and-shoulders pattern, the immediate target lies near BTC’s all-time high (ATH) around $124,000.
If buyers manage to push past this level with strong volume, the move could open the door to fresh price discovery above $129,000, which is around 8.93% from the current level.
On the downside, $115,000 (50-day SMA and former resistance) now acts as the first major support, followed by $108,500 near the 0.786 Fibonacci level.
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