{"id":60505,"date":"2025-10-03T04:28:30","date_gmt":"2025-10-03T04:28:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-a-6-week-high-above-120000-defying-a-government-shutdown\/"},"modified":"2025-10-03T04:28:30","modified_gmt":"2025-10-03T04:28:30","slug":"bitcoin-hits-a-6-week-high-above-120000-defying-a-government-shutdown","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-hits-a-6-week-high-above-120000-defying-a-government-shutdown\/","title":{"rendered":"Bitcoin hits a 6-week high above $120,000, defying a government shutdown"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/09\/bitcoin-btc-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/09\/bitcoin-btc-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/09\/bitcoin-btc-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2025\/09\/bitcoin-btc-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Bitcoin has broken above the key $120,000 level for the first time since August.<\/li>\n<li>The rally is fueled by renewed optimism about macroeconomic tailwinds.<\/li>\n<li>BTC futures open interest has hit a record high of $32.6 billion.<\/li>\n<\/ul>\n<p>The bulls are back in charge. Bitcoin has shattered the critical $120,000 resistance level, surging to a height not seen since mid-August as a powerful wave of optimism sweeps through the market.<\/p>\n<p>The breakout, which follows a steady five-day climb, signals that traders are decisively positioning for a bullish final quarter of the year, undeterred by the political chaos unfolding in Washington.<\/p>\n<p>This is a rally built on both renewed macroeconomic hope and a powerful internal market dynamic.<\/p>\n<p>In the derivatives market, the conviction is palpable, with open interest in BTC futures soaring to a new record high of $32.6 billion, a clear sign that traders are placing big bets on further upside.<\/p>\n<h2>A short squeeze in the making?<\/h2>\n<p>Beneath the surface of this bullish momentum, a potentially explosive setup is taking shape.<\/p>\n<p>On-chain analyst Skew has noted that even as open interest soars, a significant number of short positions are also piling up.<\/p>\n<p>This creates the perfect conditions for a \u201cshort squeeze,\u201d a violent upward price move that is triggered when a rising price forces a cascade of short-sellers to buy back their positions, adding even more fuel to the rally\u2019s fire.<\/p>\n<h2>The shutdown factor: a crisis becomes a catalyst<\/h2>\n<p>Ironically, the political crisis in the United States may be a key catalyst for the market\u2019s renewed optimism.<\/p>\n<p>The ongoing government shutdown has injected a dose of profound uncertainty into the economic picture, a chaos that traders seem to believe will ultimately benefit risk assets like Bitcoin.<\/p>\n<p>Treasury Secretary Scott Bessent warned on Thursday that the shutdown could have a real and damaging impact.<\/p>\n<p>\u201cWe could see a hit to the GDP, a hit to growth and a hit to working America,\u201d he told CNBC.<\/p>\n<p>This economic weakness, coupled with the fact that the Federal Reserve will be deprived of a fresh jobs report, makes an interest rate cut at the end of this month all but a certainty.<\/p>\n<h2>The flip from skeptic to believer<\/h2>\n<p>The sheer strength of the recent advance has been enough to turn even the skeptics into believers.<\/p>\n<p>Paul Howard, a senior director at the crypto trading firm Wincent, admitted he had been skeptical about a rebound earlier in the week, but the market\u2019s relentless climb has changed his mind.<\/p>\n<p>\u201cWith $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion,\u201d he noted.<\/p>\n<blockquote>\n<p>We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000.<\/p>\n<\/blockquote>\n<p>His conclusion is now as bullish as the market\u2019s momentum. \u201cI believe we are now set to see a sustained rally above $120,000 in the coming weeks,\u201d he added.<\/p>\n<p>The quiet days of late September are over, and the battle for the next leg higher has begun.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-hits-a-6-week-high-above-120000-defying-a-government-shutdown\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin has broken above the key $120,000 level for the first time since August. The rally is fueled by renewed optimism about macroeconomic tailwinds. BTC futures open interest has hit a record high of $32.6 billion. The bulls are back in [&hellip;]<\/p>\n","protected":false},"author":3947362378,"featured_media":60506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/60505"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362378"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=60505"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/60505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/60506"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=60505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=60505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=60505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}