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#Cryptomarketrebound #BtcPriceAnalysis
Bitcoin Reaches 7-Week High, These 5 Altcoins Lead the Market
Bitcoin had a strong start to October, reaching a 7-week high. Ethereum, Solana, and other altcoins also saw double-digit gains.
Crypto markets surged in recent days, with Bitcoin reaching a seven-week high as October, historically a bullish month, began.
Bitcoin rose 4 percent in the last 24 hours, reaching $119,450 early Thursday.
This is Bitcoin's highest price since August 14th. It reached this level seven weeks ago, when it began its correction from an all-time high.
Bitcoin has now broken through the $117,500 resistance level but faces further resistance at $120,000. A break above this level would pave the way for new highs, but it has now cooled somewhat, retreating to $119,033 at the time of writing.
This significant move increased the total market capitalization by 3.5 percent to $4.16 trillion and revived bullish sentiment and optimism for Uptober.
According to data, October was the most bullish month of the year for Bitcoin, with gains occurring in 10 of the last 12 Octobers.
Labor market weakness leads to interest rate cuts.
The number of job openings in the US increased marginally in August, while hiring decreased. This is according to data released this week by the US Bureau of Labor Statistics.
This has perpetuated labor market problems and could lead the Fed to cut interest rates again later this month. This development is seen as positive for high-risk asset classes like crypto.
The weak ADP employment report comes after weak consumer confidence data earlier this week. Labor market divergences have narrowed.
Furthermore, unemployment is likely to rise from 4.3 percent to 4.4 percent in September, "warranting further Fed rate cuts."
While traditional economic indicators have weakened, Bitcoin's rally above $118,000 demonstrates its increasing sensitivity to the monetary policy outlook and its appeal as a hedge against economic uncertainty.
Altcoins also caught fire.
While Bitcoin led the market higher, ETH also gained more than 5 percent intraday, pushing prices to $4,390, reaching their highest level since September 22nd.
Other altcoins currently seeing higher gains include Solana SOL at 226.78, Dogecoin DOGE at 0.25619, Cardano ADA at 0.8537, Chainlink LINK at 22.487, and Hyperliquid (HYPE). All are up more than 6 percent intraday.
‍#ETH #Sol #Doge

The Crypto Assets market has stirred again, with a new MEME coin project igniting heated discussions among investors. Six major exchanges have simultaneously launched this emerging project, attracting widespread follow in the market.
However, faced with such investment opportunities, investors find themselves in a dilemma. Supporters believe that this could be the rise of the next SHIB (Shiba Inu coin), and the current low price provides an excellent entry point. They believe that small investments could yield substantial returns, and the buzz on social media seems to indicate the project's potential.
On the other hand, cautious investors are concerned about potentially repeating past mistakes. They worry that after buying in, they might face a price crash or that the project's popularity may not be sustainable. Many still remember the regret of missing out on SHIB, but at the same time, they remain wary of potential risks.
This contradictory mindset reflects the complexity of the Crypto Assets market. Investors are eager to seize potential enormous gains while fearing to become the last buyer. The uncertainty and high volatility of the market cause many to hesitate in their decision-making.
In any case, this phenomenon once again highlights the uniqueness of the Crypto Assets market. It is not just a cold K-line chart, but a passionate and risky investment field. In this field, opportunities coexist with risks, and rationality intertwines with emotions.
For investors who intend to participate, it will be crucial to conduct in-depth research on the project background, rationally assess risks, and control the scale of investments. In this rapidly changing market, maintaining a clear mind and flexible strategies may be the best way to respond.

According to Jinse Finance, Liquid Capital founder Yi Lihua stated on the X platform: "Trend investing belongs to Beta returns, suitable for most ordinary investors, while fluctuation trading belongs to Alpha returns, only suitable for a few professionals. This is not a conflict; both aim to hold more ETH and ultimately gain returns. The short-term market pullback and fluctuations provide opportunities for buying the dip and trading, but as the interest rate cut in October approaches, it may be the last bottom opportunity recently. The long bull market will continue, with ETH's target for the next year still being over $10,000, and the long-term target over $40,000."

Gate News bot message, on September 19, cryptocurrency ETF markets recorded substantial positive flows. Bitcoin ETFs witnessed a net inflow of 1,205 BTC ($139.75M), with Fidelity leading by adding 828 BTC ($96.09M) to its holdings, bringing its total to 207,370 BTC ($24.05B). Meanwhile, Ethereum ETF

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